The Nocona City Council will conduct its second tax rate hearing at 8 a.m. on Sept. 8. The proposed budget for 2016-2017 uses the same 2015 tax rate at $0.55 per $100 assessed value of taxable property.
The proposed rate includes 0.4914 cents for maintenance and operation and 0.0586 for debt. The total amount of city debt obligations includes $65, 405.82 for a fire command vehicle, self-contained breathing apparatus and equipment.
The effective tax rate is .5302 cents per $100 in property value, up from .5129 for the 2015-2016 fiscal year. The rate is the amount needed to generate the same tax revenue as last year.
“I’m proposing to keep the same tax rate as last year, with the effective tax rate going up a little and generating about $18,000 more in funds than last year,” said City Manager Lynn Henley during an Aug. 9 city council meeting. “That’s not from new properties, that would be the same rate as last year. So if your appraised values didn’t go up, there wouldn’t be an increase, but if your value went up, you would have an increase.”
The council plans to adopt the tax rate at a special meeting at 8 a.m. on Sept. 14 after adopting the budget during its regular city council meeting at 5 p.m. on Sept. 13.