CANYON, Texas (KAMR/KCIT) — The City of Canyon has approved a new tax rate in a four-to-one vote at Monday’s council meeting.

The city said the money will go towards the use and support of Canyon’s Municipal Government for the next fiscal year.

The rate approved is 40 cents per $100 meaning a $100,000 home in Canyon will still pay about $17 more the next fiscal year.

“So we’ve gone through the budget process. We’ve worked to have a responsible budget and this is a good midpoint on what we’re able to set,” said Joel Wright, Director of Finance for the City of Canyon.

Officials with the city said while the tax rate is going down, the tax cost is going up.