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Southlake council sets public hearing to consider tax rate above no-new-revenue threshold
Summary
City council voted 6-0 to set a public hearing for Aug. 19 to consider a tax rate that could be higher than the state's no-new-revenue rate; staff presented two options and outlined impacts to the city's capital funding and transfers.
The Southlake City Council on Aug. 5 voted to set a public hearing for Aug. 19 to consider adopting a property tax rate above the state-defined "no new revenue" rate.
City staff presented two rate options and the financial trade-offs before the vote. A proposed rate of 0.295 per $100 of assessed value would be a one-cent reduction from the current rate and would reduce city revenue by about $1.4 million compared with keeping the current rate, while remaining above the no-new-revenue threshold. The no-new-revenue rate, 0.273677, would reduce city revenue by about $4.02 million compared with the current rate, staff said.
The council heard a step-by-step explanation from the city's finance team about how state "truth in taxation" rules require a public hearing if the council intends to consider a rate that would produce more revenue from existing property than in the prior year. Chief Financial Officer Sharon Jackson…
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