Thursday, April 25, 2024
The city of Granbury’s proposed budget for the upcoming fiscal year keeps the property tax rate what it is now, at .38 cents per $100 valuation.
However, that doesn’t mean that homeowners’ property tax bills will be the same as they were for the 2022-2023 fiscal year. Property valuations have been going up over the past decade and have increased 15% this year, according to the city.
At the rate of .38 cents per $100 valuation, someone whose home is appraised at $300,000 will pay $1,140 in property taxes to the city, according to Chuck Licata, a broadcast specialist in the city’s communications department. He was featured in a short explanatory video shown at the city’s annual budget workshop held Tuesday at the Lake Granbury Conference Center.
The proposed property tax rate was among topics discussed at the workshop.
Property taxes are the city’s second highest source of revenue. Its top source of revenue is sales taxes. Other sources of revenue include permitting fees and Parks and Recreation fees.
Property valuations are determined by the Hood Central Appraisal District. The city received preliminary numbers from the HCAD on April 30 and expects to receive final numbers in July, according to Finance Director Eva Gregory.
According to budget workshop materials, the city anticipates more than $9.5 million in property tax revenues for the upcoming fiscal year. Of that, almost $5 million ($4,950,600) will go toward debt and almost $4.6 million will go toward maintenance and operation.
Sales tax collections are projected to be $12 million.
Hotel Occupancy Tax collections, which are used to promote tourism, are projected to total about $1 million.
The public will have a chance to speak on the proposed budget and property tax rate at the City Council’s regular meeting on Tuesday, Sept. 5.
The new budget will take effect Oct. 1.
