Second Public Hearing On Proposed Tax Rate Scheduled For Oct. 13
The second public hearing on the proposed tax rate for West University Place will take place at the Oct. 13 City Council meeting, which begins at 6:30 p.m. in the Municipal Building, 3800 University Blvd. The first public hearing, at which no resident’s spoke, took place at the last council meeting.
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. A final public hearing and adoption of the budget should take place around Oct. 27.
The 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.