City sets public hearings on 2019 budget, tax rate

The City of Vidor will hold its second, and final, public hearing on the 2019 proposed tax rate and another on the proposed 2019-2020 budget this Thursday during a regular council meeting beginning at 7 p.m. at Vidor City Hall.

The proposed tax rate of .70371 per $100 of valuation is less than last year’s rate of .724000 per $100 of valuation. It is also the rollback tax rate, or the maximum rate the city may set without facing a possible rollback election. That circumstance arose because property valuations rose compared to last year substantially due to more homes completing post-Harvey repairs and compared to their previous Harvey damaged property valuation.

The effective tax rate, the rate which would generate the same amount of property tax as the previous year, is .64729 per $100 of valuation.

The state limits the percentage increase in property taxes year to year with citizens entitled to petition for a rollback election to limit the increase if the governing entity exceeds the rollback rate with their proposed rate.

 

 

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