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Caddo Mills council adopts $0.484999 tax rate; officials say rising property values make it an effective increase
Summary
The Caddo Mills City Council adopted Ordinance 092424 setting the tax rate at $0.484999 per $100 of valuation for fiscal 2024–25 and ratified the related property tax revenue increase; council members voted unanimously after a brief public hearing with no speakers.
The Caddo Mills City Council voted unanimously Sept. 24 to adopt Ordinance 092424, setting the city tax rate at $0.484999 per $100 of assessed value for fiscal year 2024–25. Mayor Chris Davies opened and closed a public hearing at 6:00 p.m. after no one spoke for or against the proposed rate.
City Manager Matt McMahan told the council the city could have reduced the rate further but cautioned that continuing to lower it would leave the budget with insufficient funds. "the tax rate could have gone down a little more, but if they kept dropping the rate, they would never have anything," McMahan said, adding that because property values increased this year the adopted rate will produce higher revenue overall. Council Member John Verity moved to approve the ordinance; Mayor Pro Tem Cody Hawkins seconded and the motion passed unanimously. The adoption was paired with a separate resolution ratifying the revenue increase reflected in the FY 2024–25 budget, which the council also approved.
