The Celina City Council unanimously approved a resolution to place a proposal for adoption of the fiscal year 2020-21 budget and tax rate on the Sept. 8 agenda.
This specifies the proposed property tax rate, establishing date for public hearing on the proposed property tax rate, and providing for publication as provided by the Texas Property Tax Code.
“We are keeping our property tax rate at $0.645 (per $100 valuation),” said Director of Finance Robin Bromiley.
With the adoption of Senate Bill 2 some of the tax rate terms have changed. The effective tax rate is now referred to as the no-new-revenue tax rate; the effective maintenance and operations tax rate is now referred to as the no-new-revenue maintenance and operations tax rate; and the roll back tax rate is now referred to as the voter-approval tax rate.
The proposed 2020-21 no-new-revenue tax rate is $0.633518 compared to what was adopted in 2019-20 of $0.633998.
The no-new-revenue M&O rate adopted in 2019-20 was $0.453683 and the proposed 2020-21 rate is $0.453126.
The voter-approval tax rate for 2019-20 was $0.600487, and the proposed rate is $0.645001.
The debt rate for 2019-20 was $0.191317, and the proposed rate is $0.191875.
Bromiley stated that SB 2 added the de minimis rate and the proposed rate is $0.655554.
“This was to help cities under 30,000 (population) so that they’re not as penalized with the 3.5 percent cap,” she said.
The city will publish the tax rate notice and public hearing for the proposed tax rate and budget on Aug. 21.
A public hearing and vote on the proposed tax rate and budget is scheduled for Sept. 8, and the budget becomes effective Oct. 1 if approved.