Talty News
TAX RATE INFO FOR UPCOMING YEAR
08/17/2022

NOTICES OF PUBLIC HEARINGS FOR FY 2023

BUDGET, TAX RATE AND DATE OF ADOPTION

The Talty City Council will hold public hearings on the FY 2023 budget and tax rate at 6:30 p.m. on August, 29 2022 and at 7 p.m. on Tuesday, September 20, 2022 at the Trinity Family Church located at the intersection of FM 1641 and I-20 to consider public comment on the proposed FY 2023 budget and tax rate. All interested persons shall be afforded an opportunity to be heard. A budget workshop will follow the August 29 hearings.

Last year's tax rate was $0.246654 per $100 of taxable value. The City is proposing a rate of $0.210626 for Fiscal 2023, which is it's voter-approval tax rate.  Of this, $0.125309 will be for Maintenance & Operations. The remaining $0.085317 will be used for Interest  & Sinking. The City's No-New-Revenue Tax Rate is $0.211946.

This budget will raise more total property taxes than last year's budget by $2,572 (.39028 %) and of that amount $6,205 is tax revenue to be raised from new property added to the tax roll this year.

The adoption of the FY 2022 budget and tax rate will occur at the regular Talty City Council meeting at 7 p.m. on Tuesday, September 2022 at the Trinity Family Church.

fter implementing a property tax in 2015, Talty's rate remained at $0.25 per $100 of taxable valuation for several years. Since 2020 the rate trended downward. The adopted rate last year was $0.240028. For the upcoming year the No New Revenue Rate is $0.211946 and the Voter-Approval Rate is $0210626. The proposed rate for the upcoming year shall be the Voter Approval Rate. Of this, $0.129694 is proposed for maintenance and operations. The balance, $0.080932, will be dedicated for the I&S, which is our debt service for road work and capital improvements. Details on public hearings and a budget workshop shall be available soon. Adoption of ordinaces on the budget and tax rate will occur at the regular council meeting on September 20.