Council sets Public Hearing on Proposed Tax Rate
August 24, 2023
UPDATE
Aug. 11, 2023
7:35 a.m.
The Belton City Council voted Tuesday, Aug. 9, to set a maximum property tax rate of 53.6 cents per $100 of valuation for Fiscal Year 2023-2024 (FY24).
Although the tax rate would drop by 5.24 cents from the previous year, the proposed rate is higher than the “no new revenue” rate of 52.32 cents, which would raise the same amount of revenue as last year on existing property based on this year’s property valuations. The extra revenue is needed to pay for 14 new positions, including three police and three firefighters, said Mike Rodgers, Finance Director for the City.
At the proposed rate, the owner of a median taxable value home of $273,091 would, on average, pay $1,454 next year in City taxes, which is an increase of $4 per month over the current rate. However, many homeowners with homestead caps, which limit taxable values from rising above 10% each year, may actually see a decrease in taxes paid to the City this year. Property owners can see how proposed tax rates from various local government agencies would affect their specific property at https://bell.countytaxrates.com/tax.
The City Council will hold a public hearing on the proposed tax rate at its Tuesday, Sept. 12, meeting.
City Council is not required to ultimately adopt this rate; however this is the maximum rate the Council may consider to meet the timing requirements under state law without restarting the notice and hearing process.
To learn more about the City of Belton’s proposed budget and tax rate, visit www.beltontexas.gov/budget.
Notice About 2023 Tax Rates
Aug. 3, 2023
11:35 a.m.
Notice About 2023 Tax Rates
Property Tax Rates in CITY OF BELTON
This notice concerns the 2023 property tax rates for CITY OF BELTON.
This notice provides information about two tax rates used in adopting the current tax year's tax rate. The no-new-revenue tax rate would Impose the same amount of taxes as last year if you compare properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.
This year's no-new-revenue tax rate $0.523214/$100
This year's voter-approval tax rate is $0.540046/$100
To see the full calculations, please visit www.texas.gov\propertytaxes for a copy of the Tax Rate Calculation Worksheet.
Unencumbered Fund Balances
The following estimated balances will be left in the taxing unit's accounts at the end of the fiscal year. These balances are not encumbered by corresponding debt obligation.
Type of Fund Balance
|
Maintenance & Operation Fund |
8,346,503 |
|
Interest & Sinking Fund |
28,355 |
Current Year Debt Service
The following amounts are for long-term debts that are secured by property taxes. These amounts will be paid from upcoming property tax revenues (or additional sales tax revenues, if applicable).
|
Description of Debt |
Principal or Contract Payment to be Paid From Property Taxes |
Interest to be Paid From Property Taxes |
Other Amounts to be Paid |
Total Payment |
|||
|
2005 General Obligation |
140,000 |
10,266 |
0 |
150,266 |
|||
|
2008 Certificates of Obligation |
89,100 |
20,378 |
0 |
109,478 |
|||
|
2015 Certificates of Obligation |
50,000 |
19,950 |
0 |
69,950 |
|||
|
2017 G.O. Refunding |
175,000 |
13,455 |
0 |
188,455 |
|||
|
2018 Certificates of Obligation |
95,000 |
64,800 |
0 |
159,800 |
|||
|
2019 G.O. Refunding |
365,000 |
154,100 |
0 |
519,100 |
|||
Notice of Tax Rates
Total required for 2023 debt service is $ 1,197,049
- Amount (if any) paid from funds listed in unencumbered funds is $0
- Amount (if any) paid from other resources is $0
- Excess collections last year is $0
- Total to be paid from taxes in 2023 is $1,197,049
- Amount added in anticipation that the taxing unit will collect only 100% of its taxes in 2023 is $0
- Total Debt Levy is $ $1,197,049