The Marble Falls City Council set a proposed tax rate of 0.5577 cents per $100 valuation for the 2022-23 budget year during its regular meeting Tuesday, Aug. 16. A public hearing on the rate and the 2023 fiscal year budget is set for 6 p.m. Tuesday, Sept. 6, in City Council Chambers at City Hall, 800 Third St., during the council’s regular meeting.
A vote to approve the final budget and tax rate will follow the public hearing.
The rate is a 0.04-cent decrease from the current adopted rate of 0.5990 cents per $100 valuation.
Since 2017, the city has dropped the tax rate by 0.08 cents.
“For what everyone says about taxes in this town, we’ve worked really hard to lower them,” Councilor Reed Norman said.
The city also expects a 6.5-percent increase in sales tax revenue.
“We’re seeing unprecedented growth in sales tax revenue,” said Marble Falls Director of Finance Jeff Lazenby. “This is a conservative assumption in light of what we’re seeing growth-wise, but we need to temper that with what we’ve seen with inflation and the economic uncertainty on the national scale.”
The proposed tax rate will help fund the next fiscal year’s budget.
The proposed budget creates six new city positions and allows the city to move forward in the third phase of its salary market adjustments to help retain and recruit employees.