Stephenville City Council proposed a tax rate of $0.4574 per $100 valuation during Tuesday’s regular city council meeting, a figure slightly higher than last year’s tax rate of $0.4560.
"If the council was to adopt the voter approval tax rate of $0.4574, there’d be an additional $330,000 worth of revenue coming in – that’s what we have in the budget which allowed us to include the three firefighters and also the $98,000 for the Bosque River Trail improvements/repairs that need to be made," said Monica Harris, director of finance.
The proposed tax rate is greater than the no-new-revenue tax rate of $0.4347 per $100. This means that the city of Stephenville is proposing to increase property taxes for the 2020 tax year.
A public hearing on the proposed tax rate will be held at 5:30 p.m. on Sept. 15, at City Hall Council Chambers.
"We have to have one hearing and then we can adopt it and the hearing has to be seven days, five business days after it’s advertised," Harris said. "The date and time is set for the 15th of September at 5:30 p.m. for the hearing and at that time, the city will need to adopt the rate."
Since the proposed tax rate is not greater than the voter-approved tax rate (both are equal at $0.4574 per $100), the city is not required to hold an election at which voters may either accept or reject the proposed tax rate.
However, residents can express their support for or opposition to the proposed tax rate by contacting members of the city or by attending the public meeting.