The Young County budget and tax rate for the upcoming year were adopted Monday during commissioners court.
After months of hashing out every expenditure line by line, the budget raises $9,411 more total property taxes than last year’s budget, an increase of .165 percent. The total taxes the county expects to raise at a 95 percent collection rate is $5.7 million.
Of that amount, $773,500 is for debt service, primarily paying for the new jail, and the rest, $4.9 million, goes to primarily the general fund and road and bridge.
The tax rate has been set at 58.93 cents per $100 of valuation which is an increase over last year’s 59 cents because it will raise more taxes. The county experienced a growth in property values assessed with a $16.3 million increase in the total taxable value from new construction.
The effective tax rate, meaning the rate that would raise the same amount of money for the county as what was levied last year, was set at 54.3 cents per $100 of value.
The budget reads that for a $100,000 house, the increase in property taxes would be approximately $1.
Last year’s county budget for expenditures was $11,493,995, and this year’s is $11,825,895.