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Taylor staff outline FY2026 budget; council sets proposed maximum tax rate at 58.5¢
Summary
Finance staff presented the proposed FY2026 budget and recommended adopting a ceiling at the voter‑approval tax rate of $0.585 per $100 valuation; council set Sept. 10 for public hearings. Staff warned a large part of recent valuation growth is one‑time use tax from major projects.
Robert Powers, Taylor’s finance director, described the city manager’s proposed FY2026 budget and the calculations behind a proposed tax‑rate ceiling during the Aug. 14 council meeting.
Powers said the city’s certified appraisal valuation exceeds $4.5 billion as of January 2025, a dramatic increase driven largely by nearby industrial development. He noted the “no‑new‑revenue” rate (the rate that produces the same revenue on properties taxed last year and this year) is 0.51238 per $100 valuation; the voter‑approval rate — the highest rate that can be adopted without an election — is 0.585.
The proposed budget is based on that voter‑approval rate of 58.5¢ per $100; staff presented conservative revenue assumptions for sales tax (projected near $9–10 million), and development‑fee revenue. Powers said the city is budgeting some one‑time capital uses (including purchase of a building and fleet replacements) and noted FEMA reimbursements (up to approximately $3.9 million) remain under review.
Council voted to propose a maximum tax rate of $0.585 per $100 valuation and set a public hearing for Sept. 10, 2025, at 6 p.m. at Taylor City Hall. The council also discussed reserves (charter minimum 25 percent) and the prudence of cash‑funding some capital projects rather than borrowing.
What happens next: the council will hold public hearings in September and then consider first‑reading ordinances to adopt the budget and tax rate. Staff said no utility rate increases are being proposed in this operating budget.
