NOTICE OF PUBLIC HEARING ON TAX INCREASE
A tax rate of $ 0.761827 the City of Wolfforth per $100 valuation has been proposed by the governing body of the City of Wolfforth
PROPOSED TAX RATE $ 0.761827
NO-NEW-REVENUE TAX RATE $ 0.700564
VOTER-APPROVAL TAX RATE $ 0.717160
DE MINIMIS RATE $ 0.794106
The no-new-revenue tax rate is the tax rate for the 2022 of property tax revenue for the City of Wolfforth per $100 per $100 per $100 per $100 tax year that will raise the same amount from the same properties in both the 2021 tax year and the 2022 tax year.
The voter-approval tax rate is the highest tax rate that the City of Wolfforth an election to seek voter approval of the rate, unless the de minimis rate for the City of Wolfforth may adopt without holding exceeds the voter-approval tax rate for the City of Wolfforth .
The de minimis rate is the rate equal to the sum of the no-new-revenue maintenance and operations rate for the City of Wolfforth, the rate that will raise $500,000, and the current debt rate for the City of Wolfforth
The proposed tax rate is greater than the no-new-revenue tax rate. This means that the City of Wolfforth is proposing to increase property taxes for the 2022 tax year.
A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 12, 2022 at 6pm at Wolfforth City Hall, 302 Main Street, Wolfforth, Texas 79382 .
The proposed tax rate is greater than the voter-approval tax rate but not greater than the de minimis rate. However, the proposed tax rate exceeds the rate that allows voters to petition for an election under Section 26.075, Tax Code. If the City of Wolfforth adopts the proposed tax rate, the qualified voters of the the City of Wolfforth may petition the the City of Wolfforth to require an election to be held to determine whether to reduce the proposed tax rate. If a majority of the voters reject the proposed tax rate, the tax rate of the the City of Wolfforth will be the voter-approval tax rate of the City of Wolfforth
YOUR TAXES OWED UNDER ANY OF THE TAX RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:
Property tax amount = ( tax rate ) x ( taxable value of your property ) / 100
FOR the proposal: Mayor Pro Tem Doug Hutcheson, Council Member David Cooper, Council Member Gregory Stout, Council Member Chelsea Salazar, Council Member Charlotte McDonald
AGAINST the proposal:
PRESENT and not voting: Mayor Charles Addington, II ABSENT:
Visit Texas.gov/PropertyTaxes to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property.
The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.
The following table compares the taxes imposed on the average residence homestead by the City of Wolfforth
to the taxes proposed to the be imposed on the average residence homestead by the City of Wolfforth
last year this year.
|Total tax rate
(per $100 of value)
|Average homestead taxable value||$199,949||$223,002||Increase of $23,053 or 11.5294%|
|Tax on average homestead||$1,523.27||$1,698.89||Increase of $175.62 or 11.5291%|
|Total tax levy on all properties||$3,295,664||$4,097,078||Increase of $801,414 or 24.3172%|