Council Holds First Public Hearing on Tax Rate and Budget
Published:
<< Back to NewsFri 9/9/22
At a Special Meeting on Tuesday, September 6, the City Council held the first of two Public Hearings on the Fiscal Year (FY) 2023 tax rate and budget. Following a discussion at the regular Council meeting on August 23 regarding cost-of-living adjustments for Addison retirees, Council directed staff to set the proposed tax rate at $0.609822 per $100 of valuation which is less than the FY22 tax rate of $0.614660 per $100 valuation.
The new average taxable home value for the Town of Addison is $382,732, which would generate a tax bill of $2,333.98 with the proposed tax rate. Last year, the average taxable home value was $347,576 which generated a tax bill of $2,136.41. The proposed new rate would require the average taxpayer to pay approximately $197.57 more than last year or approximately $16.46 more per month. Individual taxes may increase or decrease depending on the change in the taxable value of each property. Of the total tax rate, approximately $0.45 is dedicated to maintenance and operations, and approximately $0.16 is dedicated to debt service payments. The debt service portion of the tax rate was anticipated to increase as a result of the planned issuance of General Obligation Bonds that was approved by voters in the 2012 and 2019 Bond Elections. However, the financial impacts of the General Obligation bond issuances this year were less than the projections included in the materials provided to the public as part of the Bond Election process.
A calculation of Addison’s no-new-revenue tax rate, voter-approval tax rate was published in The Dallas Morning News on August 26, 2022, but is also available on the Town’s website here. There will be another Public Hearing on the tax rate and the budget during the September 13 City Council meeting, after which the Council will consider the adoption of both items.
You can watch the Council's tax rate discussion here and read the presentation here. You can watch the Council's budget discussion here and read the presentation here.
