Marble Falls sticks with current property tax rate; officials see economic growth
DANIEL CLIFTON • PICAYUNE EDITOR
MARBLE FALLS — The City Council voted Aug. 6 to keep the current property tax rate of 64.83 cents per $100 valuation for the next fiscal budget.
“Basically, by leaving the tax rate the same, if somebody’s property value didn’t increase, then their (city) tax bill won’t either,” City Manager Ralph Hendricks said.
The city will hold two public hearings in regard to the proposed tax rate Aug. 20 and Sept. 3 during the regular council meetings at 6 p.m. at 800 Third St.
Mayor George Russell said the strength of this proposed rate is, if it is adopted, it would allow the city to begin replenishing reserves that were severely depleted after the 2007 flood.
“The reserve funds are very important for a number of reasons,” he said. “First, they give us something to fall back on. Second, bond companies use the reserve funds in determining what type of bond rating to give us. The better the rating, typically, the better our interest rate.”
Hendricks said new growth coupled with a bump in some property values allowed the city to stick with the current rate.
“I think people are improving their buildings here,” he said. “We’re seeing some growth. People are interested in Marble Falls.”
Several new businesses have recently opened in Marble Falls including Spec’s Liquors on U.S. 281 next to the new Goodwill Industries retail shop. He added the Hurd Regional Medical Center at U.S. 281 and Texas 71 also gives the local area an economic boost.
While the vote focused on the property tax rate, the city recently received some good news when the comptroller’s office released the latest sales tax figures.
“Our sales tax was up 11 percent over what it was last year in August,” Hendricks said. “We’re showing great signs of not just coming out of the recession, but coming out of it strong.”
Go to www.ci.marble-falls.tx.us for more information.
daniel@thepicayune.com