Public Hearing On Budget Talks Taxes, Hispanic Chamber Funding 8/20/13
CBS 7 News
August 20, 2013
MIDLAND-Midland's top city leaders met today for the city's final public
hearing on their 2013-2014 budget.
One of the biggest topics of discussion was the ad valorem and effective property tax rates for the city. The city is voting to increase tax revenues from the previous year by about 2.78 percent.
That means the ad valorem tax rate would be set at $0.431927 per $100 property valuation, that's about a 6 percent decrease from the current rate.
But compared to the effective tax rate of of $0.4202271, it will be about a 2.8 percent increase.
Some city officials were concerned about the tax changes, but Mayor Wes Perry says it really depends on how much the value of your home has changed.
"At the end of the day it depends on your valuation," Said Perry. "Every year we drop the tax rate because it's such an important daily part of our lives, we want to make sure we're living on the resources we have and not just raising taxes."
The council also heard representatives from The Midland Hispanic Chamber, who are asking for a renewal of their $60,000 in annual funding.