Tax Rates

Annual Tax 3

Truth in Taxation

Truth in Taxation Amount
No New Revenue Rate 0.681993
Voter Approval Rate 0.674005
De Minimis Rate 0.731784
Adopted Rate 0.731784

The adopted rate is 73.1784 cents per $100 valuation. The no new revenue tax rate is the rate the City would need to charge in order to produce the same amount of property tax revenues as last year while using the new valuations of the current year. Typically, property values appreciate from year to year. In most years, the increased value of a property means a lower tax rate could produce the same amount of revenue. The no new revenue rate enables the public to evaluate the relationship between taxes for the prior year and for the current year. The voter approval rate is the maximum tax rate the City can set before the taxpayers can petition for an election to reduce the tax rate. After adjustments for debt calculations, the voter approval rate is equal to the effective rate times 3.5%. The de minimis rate is a tax rate calculation designed to give smaller taxing units, including cities with a population of less than 30,000, some flexibility to budget for extraordinary costs that may not be possible under the three and a half percent voter-approval tax rate. The de minimis rate is the sum of a taxing unit’s no-new-revenue M&O rate; the rate that, when applied to a taxing unit’s current total value, will impose an amount of taxes equal to $500,000; and a taxing unit’s current debt rate.

Components of Tax Rate

Fiscal Year Operation and Maintenance Debt Service Total Tax Rate
2019 0.566019 0.195808 0.761827
2020 0.582897 0.178930 0.761827
2021 0.604776 0.157051 0.761827
2022 0.599062 0.162765 0.761827
2023 0.613117 0.118667 0.731784