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City Council Adopts New Tax Rate for FY2018

Post Date:09/20/2017 9:43 AM

On September 19, 2017, the City Council adopted the budget and property tax rate for the fiscal year October 1, 2017 to September 30, 2018.  The Fiscal Year 2018 Budget lowers the property tax rate from the prior year rate of $0.6037 to $0.5997 per $100 assessed value.  This is the lowest tax rate since Fiscal Year 2005.  The average homestead market value is $246,565 compared to last year’s average value of $224,512, an increase of 9.82%.  Based on this rate, taxes on the average homestead with the 20% homestead exemption will be $1,139, a $91 increase from the Fiscal Year 2017 amount of $1,048.

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 6.5 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $21.

View the entire approved FY17-18 budget here.

Tax Rate FY17-18

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