Taxing entities wrapping up new budgets,tax rates
Local municipal and county taxing entities are reaching the conclusion of their budget periods and in the next few weeks will have hearings to determine the budget and tax rates for the upcoming fiscal budget year.
The City of Graham has proposed a property tax rate of $0.623816 per $100 valuation for their 2016-17 fiscal year which is an increase of $0.007395 from the preceding year’s tax rate.
The City of Graham will hold two public hearings to address the budget and tax rate on Thursday, Sept. 1 at 6 p.m. and Thursday, Sept. 8 at 9:30 a.m., both in the Council Chambers at the Graham Visitor and Business Center.
Graham ISD
The Graham Independent School District has proposed a rate which is unchanged from last year’s actual total tax rate of 1.347 per $100 valuation. A public meeting will be held at the Administrative Office Building at 8:15 a.m. Monday, Aug. 29 to discuss the school district’s budget and determine a tax rate to be adopted.
According to the Young County Appraisal District records, GISD has had a tax rate of $1.347 per $100 valuation since 2012. Taxes due on an average residence, according to the GISD public hearing notice, will decrease $24.77 from last year due to a decrease in the average market and taxable value of residences in Graham.
The maintenance and operations fund balance for GISD is estimated to be $7 million with an interest and sinking fund balance of $1.2 million. Within the $7 million fund balance, $4 million will be placed into a saving account for contingency expenditures, $1 million will be available for the district’s needs both academic and operation and $500,000 will be set aside as contingency. The other $1.5 million will be used on anticipated operational and technology costs for the next five years.
Young County
Young County has proposed increasing its property tax rate to $.0747570 per $100 valuation. That amount is just under the “rollback rate,” of $.0757577 per $100 valuation. If a taxing entity proposes a rate higher than the rollback rate, citizens can petition to have an election to approve or deny that rate.
Total taxes owed under the any of these rates can be calculated by multiplying the tax rate by the taxable value of your property and dividing that by 100. (property tax amount = (rate) x (taxable value of your property)/ 100)
A hearing to formally adopt the budget and set the total property tax rate will be held at 9:30 a.m. on Monday, Aug. 29 in the Young County Courtroom, room 106.
