HomeMy WebLinkAboutFY26 Proposed Tax Rate (2)Fiscal Year 2026
Proposed Tax Rate
October 1, 2025 –September 30, 2026
August 7, 2025 1
Table of Contents
•Items To Review
•Tax Rate Background Information
•Comparison of Assessed Value
•FY26 Proposed Tax Rates
•Effective Tax Revenue to the City
•FY26 Important Budget Dates
•Up Next
August 7, 2025 2
Tax Rate Background Information
•The No New Revenue and Voter Approval Property Tax Rates have been received from JeffersonandOrangeCountytaxassessors.
•No New Revenue Tax Rate (Previously Effective Tax Rate)
•The tax rate needed to generate the same amount of taxes as last year
•Voter Approval Tax Rate (Previously Rollback Rate)
•The highest tax rate a taxing unit can adopt without holding an election
•New legislation in 2021 created a modification of formula used for the M&O rate
•Change in maximum rate from 8%to 3.5%increase without requiring an automatic election
•Certified Values have been received from the Appraisal Districts and reflect a 7.55%increase overlastyear.
•Property Tax Revenues are expected to increase approximately 4.86%for operations.
•Due to increase in property values,there is a decrease from the current tax rate of $0.626272 per$100.
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Comparison of Assessed Value
Certified Certified Percentage
(in Billions)FY2025 FY2026 Inc/(Dec)Inc/(Dec)
Total Market Value $6,400 $6,884 $483 7.55%
Less Caps &Exemptions $1,960 $2,026 $065 3.36%
1st Taxable Value $4,440 $4,858 $418 9.40%
Minus Other Adjustments $249 $337 $88
Adj Taxable Value $4,191 $4,521 $330 7.86%
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FY26 Proposed Tax Rates
Calculated:FY2025 FY2026 Inc/(Dec)
No-New Revenue Tax Rate .585995 .582863 (0.53%)
Voter Approved Tax Rate .626272 .615724 (1.68%)
Proposed:
M&O Rate .376099 .365624 (2.79%)
Debt Rate .250173 .250100 (0.03%)
Total Proposed Tax Rate .626272 .615724 (1.68%)
Homestead taxable value Tax Tax
FY2025 FY2026
$250,000 $1,567 $1,539
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Effective Tax Revenue to the City
•Truth in Taxation Taxable Worksheet Values:
(in billions)FY2025 FY2026 Inc/(Dec)%
Assessed Value $4.191 $4.521 $.330 7.86%
(in millions)
M&O Revenue $15.8 $16.5 $0.766 4.86%
Debt Revenue $10.4 $11.3 $0.821
Total Revenue $26.2 $27.8 $1.587M
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FY26 Important Budget Dates
•Aug 7 Thursday City Council Hold record vote on the proposed
tax rate via resolution
•Aug 19 Tuesday City Council Proposed Budget Workshop
•Aug 26 Tuesday City Council Proposed Budget Workshop
•Sep 23 Tuesday Public Hearing on Tax Rate,Adopt Budget,Tax
Roll and Tax Rate
August 7, 2025 7
Up Next…
Hold record vote on the proposed tax rate via resolution, set public
comment hearing on proposed Fiscal Year 2025-2026 Budget
August 7, 2025 8