Marble Falls moving toward lower property tax rate
FROM STAFF REPORTS
MARBLE FALLS — The Marble Falls City Council will take one more step toward adopting a lower property tax rate during its regular Aug. 1 meeting.
Before any adoption, however, the council must schedule a public hearing and reading of an ordinance adopting the rate. The council will discuss and possibly vote on setting the public hearing date during the Aug. 1 meeting. The meeting starts at 6 p.m. in the council chambers, 800 Third St.
The council is looking to adopt a property tax rate for Marble Falls residences of 63.41 cents per $100 valuation. That’s compared to the current rate of 64.83 cents per $100 valuation.
The proposed rate, in this case, is also what is called the “effective rate,” which means this number would generate the same amount of taxes “on properties that were on the tax roll last year and on the current tax roll,” according to the Marble Falls City Council agenda for the Aug. 1 meeting. A “proposed rate” and an “effective rate” aren’t always the same number.
The city did experience an uptick in property values for the 2017-18 fiscal year that can help reduce the property tax rate. In numbers submitted to the city by the Burnet Central Appraisal District, Marble Falls saw an 8 percent increase in its certified tax roll over the previous one.
The proposed property tax rate breaks down to 39.82 cents for interest and sinking — sometimes called “debt service” — and 23.59 cents for the general fund.
Under the proposed rate, property owners could see a drop in their city of Marble Falls property taxes. A home with a taxable value of $160,000 rang up a city property tax bill of $1,037.28 under the current rate of 64.83 cents. Under the proposed rate of 63.41 cents, that bill would drop to $1,014.56 for the 2017-18 fiscal year. A home or property with a taxable value of $210,000 would see a decrease from $1,361.43 at the current rate to $1,331.61 at the proposed rate, according to city numbers.
This, however, is only if the taxable value of a property remains constant during both years. If a property’s taxable value increases for the 2017-18 fiscal year, the owner could see their city tax bill increase.
If the City Council moves forward with the proposed tax rate, it will hold a public hearing and first reading of the ordinance outlining the rate. The city proposes the hearing and first reading take place Aug. 15 with final adoption of the tax rate Sept. 5.
The property tax is one source of revenue for the city; others include (but are not limited to) sales tax and water/wastewater sales.
Go to marblefallstx.gov for the council agenda and more information.