AMARILLO, Texas (KAMR/KCIT) – Amarillo voters will vote on a property tax rate increase in November.
The Amarillo City Council passed its budget for the upcoming fiscal year Friday and approved the possible tax rate increase.
As the City is looking at increasing its budget, there are certain highlights the city is looking to focus on, such as more funding for parks, public safety funding, an increase in street funding, and solid waste, and for the final funding in 2016 voter-approved Prop 1.
“The reason I wanted to call your attention to that is there was a number of things that council said was a priority and we made sure this language was consistent with what council told staff during the budget creation process,” said Amarillo City Manager Jared Miller.
The City plans to increase its budget by 11.8 million dollars, which is a 22.7% increase from last year’s budget. Officials said the increased property tax rate will provide more money for maintenance and operations than last year’s rate. If approved the rate will be raised by 24.48%.
“What that does, is it looks at the same properties at the current year to the next year and it says, ‘what rate does it take to produce the same amount of property tax revenue on properties in the new year as the current year that is in place,” said Laura Storrs, Amarillo assistant city manager.
The City said it means taxes on a $100,000 home will increase by about $60.45.
The City of Amarillo’s special election to vote on the proposed tax rate increase will be on November 2nd of this year.
The budget passed with a four to one vote with Councilmember Cole Stanley being the only nay vote.
If approved by voters, The City said the property tax increase would not affect residents 65 and older.