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City Council Adopts New Tax Rate for FY2017

Post Date:09/21/2016 3:45 AM

On September 20, 2016, the City Council adopted the budget and property tax rate for the fiscal year October 1, 2016 to September 30, 2017.  The Fiscal Year 2017 Budget lowers the property tax rate from the prior year rate of $0.612875 to $0.6037 per $100 assessed value.  The average homestead market value is $224,512 compared to last year’s average value of $201,807, an increase of 11.25%.  Based on this rate, taxes on the average homestead with the 20% homestead exemption will be $1,048, a $72 increase from the Fiscal Year 2016 amount of $976.

However, while the overall rate decreased, the debt service portion of the rate went down and the maintenance and operation portion of the rate went up. This shift in tax rate between categories is part of the City’s overall strategy of managing its outstanding debt and paying for certain capital improvement on a pay-as-you-go basis. Taxes used for pay-as-you-go capital improvements are classified as maintenance and operations, regardless of the size of the project.  In addition, overall tax values, including commercial and business personal property, increased for the year resulting in the following state mandated calculation and related disclosure:

THE CITY OF CARROLLTON ADOPTED A TAX RATE THAT WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR’S TAX RATE.  THE TAX RATE WILL EFFECTIVELY BE RAISED BY 8.0 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $25.

View approved FY16-17 budget here.

tax graph 2016
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