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Town to hold public hearing on proposed tax increase
BY STEPHEN FASHORO, Staff Writer
In an effort to discuss and gather public opinion, the Town of Flower Mound will hold a public hearing on a proposal to increase total tax revenues from properties on the tax roll in the preceding year by 6.75 percent.
The public hearing will be held at 6 p.m. on Aug. 30 at Town Hall, 2121 Cross Timbers Road.
At the hearing, Chuck Springer, chief financial officer for Flower Mound, will make a presentation to the Town Council and residents to discuss the proposed tax rate of $0.4497 which is the same tax rate as a year ago.
“Under the state property tax code, if you propose a rate that is above the effective tax rate, then you have to hold two public hearings,” Springer said. “The proposed tax rate of $0.4497 is the same tax rate we have had for several years, but under the state tax law you have to calculate an effective tax rate and a rollback tax rate.”
Chapter 26 of the property tax code requires municipalities to comply with truth-in-taxation laws in adopting tax rates. The laws are designed to make taxpayers aware of tax rate proposals and it allows them, in certain cases, to roll back or limit a tax increase.
The town is also required to hold two public hearings and publish a notice in the newspaper, TV, and Web site before adopting a tax rate that exceeds $0.42125.
“We are leaving the tax rate alone. It is the same rate as last year but it is above the effective tax rate which is calculated each year,” Springer said.
Also being discussed at the hearing is the proposed budget for the year.
“State law requires us to annually hold a public hearing on the budget and our charter sets the detailed requirements of what needs to be included in the budget,” Springer said.
Of importance will be the discussion of the general, enterprise, internal service, special revenue and debt service funds. Also being addressed is the five-year capital budget as it will be needed to help with maintaining and constructing the town’s streets, signals, facilities and parks.
Contact staff writer Stephen Fashoro at 972-628-4077 or at sfashoro@acnpapers.com.
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