Carrollton City Council Adopts Budget and New Tax Rate for FY2020
The City of Carrollton adopted the budget and property tax rate for the fiscal year October 1, 2019 through September 30, 2020 at the September 17 meeting. The Fiscal Year 2020 budget lowers the property tax rate from the prior year rate of $0.594970 to $0.589970 per $100 assessed value and is the sixth year in a row that City Council has been able to reduce the property tax rate.
The average homestead market value is $282,260 compared to last year’s average value of $267,259, an increase of 5.61 percent. Based on this rate, taxes on the average homestead with the 20 percent homestead exemption will be $1274, a $46 increase from the Fiscal Year 2019 amount of $1228.
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 4.78 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $33.
For more information on the Carrollton property tax rate, visit cityofcarrollton.com/finance.