West U Taxes May Decrease: Pigs Fly After All
West U residents will not pay as much in city property taxes in 2012 based on a preliminary proposal before city council.
The city council approved the receipt of the 2011 certified appraisal roll on Monday.
The Harris County Appraisal District appraised the total value of West U at $4,303,680,852 and the total taxable value at $3,994,193,622.
The adjusted tax base, after subtracting the value of new property, is $4,039,389,043. Based on the city’s current tax valuation, the effective tax rate is $0.377413 per $100 of property value.
The effective tax rate is the rate that would raise the same amount of revenue for the city as last year.
“We are planning on coming in below the effective tax rate and in fact we’re trying to stay right at the current tax rate,” Finance Director Rhonda Daugherty said. “In a sense that will be a tax decrease because we’re not bringing in the same amount of money as we did last year.”
Council approved a tax rate of $.37411 per $100 valuation last October.
The city does not have to schedule public hearings because staff is not proposing a tax rate that will exceed the effective tax rate.
“We are very pleased the departments have really held the line and it appears that we will be able to hold the current tax rate, which equates to a tax decrease to the residents,” City Manager Michael Ross said.
Council is expected to approve a tax rate that supports its 2012 budget on Oct. 24.