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City staff recommend using voter-approval property-tax rate as preliminary budget guidance
Summary
City finance staff told the council at a budget retreat they recommend adopting the voter-approval property-tax rate for the coming year and presented preliminary taxable values and a limited three-year recapture the city can claim.
A finance staff member recommended at the City of Odessa council budget retreat that the city use the voter-approval property-tax rate as the preliminary rate for the coming fiscal year, saying that approach captures allowed recapture and aligns with the administration’s priority-based budget guidance.
City finance staff described two statutory rate options available to a city of Odessa’s size: a “known revenue rate” that holds taxpayers’ bills constant for properties on the roll in both years, and a voter-approval rate that allows the city to increase the rate up to the statutory limit without a new election. The…
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