AMARILLO, Texas (KAMR/KCIT) — Several local taxing entities have set their budgets and property tax rates for the 2023-2024 fiscal year. What does it mean for tax bills?
On Monday, the Potter County Commission adopted a tax rate of .61692, an increase of 2.69% from the current rate. Potter County Judge Nancy Tanner said it raises taxes for maintenance and operations on a $100,000 by approximately $16.15 a year.
“That’s not too bad, in my opinion, for what the cost of everything else is right now. So we tried our best to hold it down,” Judge Tanner said. “We have to buy cars, we have to buy trucks, have to buy fire trucks and so, you know, maintenance operation is the 100% the biggest part of our of our budget.”
On Tuesday morning, the Randall County Commission approved its tax rate of .40148, a 3.75% decrease from the current rate after compression. The new property tax rate represents a 4.32% increase in property tax revenue for the county.
In late August, the City of Canyon Commission approved its new tax rate of 0.39, a decrease from the current rate of 0.40. Officials said the rate increases their tax revenue, which will benefit the fire department.
“That revenue is predominantly for three new full-time firefighter positions,” said Canyon City Manager Joe Price. “Our calls have been increasing for the last three to six years, so they’re beating each year historically in the past three, four, five years.”
The Amarillo ISD Board of Trustees formally approved their new tax rate of 1.03920 at Monday night’s meeting. That is a decrease from the current rate of 1.08470.
The 2023-24 tax rate is compressed, with increased tax revenue coming from higher appraisal values. AISD officials said the average residence will see an increase of about $115 a year.
The Canyon ISD Board of Trustees is moving forward with a voter-approval tax rate election. CISD officials said if that rate is approved by voters, the rate will be 0.96. If it fails, the rate will be 0.93. Either way, officials said the tax rate will be a decrease from the current rate of 1.14.
Board President Jenni Winegarner said the district needs those three cents to increase safety and security, retain and recruit quality staff, and reduce the budget deficit.
If the voter-approved tax rate election passes, she said CISD could access $3,000,000 in state funding.
“As you saw in the presentation tonight, external inflationary factors, lots of different things not related to our own efficiencies, but all related to external dynamics outside of our district,” Winegarner said Monday night. “We are going to go to the voters and ask for them to consider this small rate increase amid a larger tax decrease, in order to make some of those funding options more available to us.”
That election will be in front of CISD voters on November 7, 2023. Officials said if approved, property tax bills for the average home would drop by $730, as opposed to a $793 drop if it fails.
The Amarillo City Council passed the first reading of a new budget and tax rate today with unanimous votes. The new budget would bring in more than $5 million in tax revenue over the last year.
The proposed rate of .39195 is lower than the maximum amount allowed without a vote and lower than the current rate.
The second readings on the budget and tax rate are scheduled for Tuesday, September 12, 2023.