The City of Midland’s first hearing on a proposed property tax hike will be held on Tuesday, August 15 at 10 a.m., where councilmembers will also vote whether or not to place a $100MM road bond on November’s ballot.
The city council has set a maximum property tax rate of 40.83 cents per $100 valuation, or 3 percent over the effective tax rate. If passed, the proposed rate would generate approximately 3.6MM in additional property tax revenue for the city when considering both existing and new properties.
City officials say the increase in the property tax rate and general fund budget – which exceeds last year’s budget by $5.361 MM – will go towards items such as cost-of-living adjustments for city staff, retention bonuses and step-raises, additional personnel for fire, and new vehicles.
Since 2012, the city has effectively raised the tax rate by 3-percent annually – a number that city officials say mirrors the growth in population and inflation.
Ultimately, the council can approve a rate at or below the proposed maximum rate of 40.83 cents per $100 valuation, but not above. The series of public hearings that begin Tuesday are prime opportunities for residents to actively involve themselves in the budgeting process by asking questions and voicing opinions.
Other public hearings will take place on August 22 for the tax rate and August 29 for the budget. City council will hold the final vote for the 2017-2018 tax rate and budget on September 12. Meetings are held at 10am at City Hall on 300 N. Loraine. City Council agendas can be viewed on the city website at midlandtexas.gov/agendacenter.