Waco city leaders discuss property tax rate decrease
The proposal to lower Waco’s tax rate a quarter of a penny would mean the lowest rate in over a decade.
“It would take it down to the lowest tax rate since 2007,” Waco Mayor Dillon Meek said.
“We are really working to strike that balance of being able to provide high-quality services to our taxpayer but at the same time keep the cost of living in Waco as affordable as possible,” Meek said.
There are discussions about a larger reduction.
“If council wants to further reduce the property tax rate, we would recommend reducing it to about $0.76,” said City of Waco Director of Finance Nicholas Sarpy.
Meek says this is a continuing effort from the council.
“We’ve already passed some significant measures to increase homeowner exemptions as well as creating exemptions for people with disabilities in our community,” he said,
Local economist Ray Perryman of the Perryman Group says you might still end up paying a larger amount even with the tax rate decrease.
“For a lot of people, the value of the house went up more than the rate went down so your actual property tax bill for most folks will probably go up a little bit,” Perryman said.
There will be a public hearing and vote on the tax rate on September 6.
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