The Bryan city council’s first look at next year’s proposed budget comes with a request from city staff whether to pursue a property tax rate decrease.
Chief financial officer Will Smith said a decrease the property tax rate by one-half cent would save $10 dollars for the owner of a home valued at $200,000 dollars.
A decrease of one cent in the tax rate would save $20 for the owner of a home valued at $200,000 dollars.
The council directed Smith to find out how soon either tax rate decrease would put the city in jeopardy of falling below one hundred days of operating cash. That has been a benchmark of the city’s bond rating.
Mayor Andrew Nelson reminded the council if the tax rate is lowered, state law does not allow the rate to be raised without holding a vote.
Given was described as recessionary pressures, councilman Buppy Simank was against lowering the property tax rate.
Councilman Brent Hairston wanted some level of tax rate decrease.
Smith says he will have a better idea of property tax revenue when final valuation numbers are known in late July.
Smith is forecasting that the growth rate of sales tax revenue will decrease.
Click below for comments from the June 29, 2022 Bryan city council meeting.