First Public Hearing On Tax Rate Should Take Place At End Of September
City of West U. representatives expect to have a budget complete by Sept. 26, but should hold their first public hearing on the tax rate a few days prior to that.
Two public hearings are required, as city representatives expect the tax rate to be higher than the effective tax rate of 34.05 cents. For the past two years, the city has adopted a rate at or below the effective rate, which does not require public hearings. The second and final public hearing on the tax rate should be held around Oct. 13, and a public hearing and adoption of the budget should take place around Oct. 27.
The current 2007 tax rate was 36.60 cents per $100 of assessed value. The highest recommended tax rate, which will appear in public notices informing residents of the hearings, is 36.14 cents, but city representatives say it is too early in the process to know if the rate will reach that maximum.
The estimated taxable value of property in West U. for 2008 is $3,905,735,603. The value in 2007 was $3.5 billion. New construction added $84,633,234 in 2008 and $67 million in 2007.