BUDA, TX — The Buda City Council unanimously adopted the Fiscal Year 2021 Budget and 2020 Tax Rate at its Tuesday, Sept. 15, regular meeting.
The Fiscal Year 2021 budget levies a property tax rate of $0.3423 per $100 of valuation.
It is a decrease of $0.0073 per $100 of valuation from the current tax rate, which is $0.3496. The budget includes a water rate increase of 3% and a wastewater rate increase of 4%.
The budget also includes five new employees (full-time equivalents), including new positions for Police, Communications, Finance, Engineering, and Water/Wastewater.
The Fiscal Year 2021 tax rate is $0.3423 per $100 of valuation. It is a decrease of $0.0073 per $100 of valuation from the current tax rate, which is $0.3496.
Fiscal Year 2021 Total Taxable Value is $1,955,941,067 – Taxable Value to the City is $1,823,728,548.
A tax rate of $0.3423 will generate $6,695,186 in total revenue to the City ($0.2276 I&S = $4,150,806 and $0.1147 M&O = $2,091,817; this does not include $452,563 in the TIRZ)
The Fiscal Year 2021 budget includes revenues at a tax rate of $0.3423. For a homeowner with an average taxable value of $260,915 last year compared to the average taxable value of $267,928 in the tax year 2020, the tax rate cost could increase by $5 per year.
The maintenance and operations (M&O) portion of the tax rate will increase by $0.0051, and the debt portion of the tax rate will decrease by $0.0124 from the current year.
The decrease in the debt portion of the rate is due to increased taxable values citywide and growth in the City.
At a tax rate of $0.3423, the City will generate $246,418 more property tax revenue than the previous year.
The total taxable value in the City increased by $110 million over last year, and the maintenance and operations revenue is estimated to be $2.1 million.
Buda boasts one of the lowest tax rates in the region and in the state for full-service cities.
The budget includes the following expenditures, in millions:
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