NOTICE OF PUBLIC HEARING ON TA...
NOTICE OF PUBLIC HEARING ON TA...
NOTICE OF PUBLIC HEARING ON TAX INCREASE A tax rate of $0.625900 per $100 valuation has been proposed by the governing body of the City of Troup. PROPOSED TAX RATE$0.625900 per $100 NO-NEW-REVENUE TAX RATE$0.586886 per $100 VOTER-APPROVAL TAX RATE$0.632453 per $100 The no-new-revenue tax rate is the tax rate for the 2024 tax year that will raise the same amount of property tax revenue for the City of Troup from the same properties in both the 2023 tax year and the 2024 tax year. The voter-approval rate is the highest tax rate that the City of Troup may adopt without holding an election to seek voter approval of the rate. The proposed tax rate is greater than the no-new-revenue tax rate. This means that the City of Troup is proposing to increase property taxes for the 2024 tax year. A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 16, 2024 AT 6:30 PM AT Cameron-J.Jarvis Troup Municipal Library, 102 South Georgia, Troup,TX 75789. The proposed tax rate is not greater than the voter-approval tax rate. As a result, the City of Troup is not required to hold an election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to the proposed tax rate by contacting the members of the City of Troup of at their offices or by attending the public hearing mentioned above. YOUR TAXES OWED UNDER ANY OF THE RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS: Property tax amount= (tax rate) x (taxable value of your property)/100 FOR the proposal:Diane LayneNelson Darden Brandi BartonFielding Winchester AGAINST the proposal: PRESENT and not voting: Jeff Hale ABSENT:Chip Richardson Visit Texas.gov/PropertyTaxes to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property. The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state. The following table compares the taxes imposed on the average residence homestead by the City of Troup last year to the taxes proposed to be imposed on the average residence homestead by the City of Troup this year. 2023 2024 Change Total tax rate (per $100 of value) $0.544700 $0.625900 increase of 0.081200 per $100, or 14.91% Average homestead taxable value $110,450 $123,727 increase of 12.02% Tax on average homestead $601.62 $774.41 increase of 172.79, or 28.72% Total tax levy on all properties $792,782 $859,262 increase of 66,480, or 8.39% For assistance with tax calculations, please contact the tax assessor for the City of Troup at 903-590-2920 or taxoffice@smith-county.com , or visit https://www.smith-county.com/government/elected-officials/tax-assessor for more information.
NOTICE OF PUBLIC HEARING ON TAX INCREASE A tax rate of $0.625900 per $100 valuation has been proposed by the governing body of the City of Troup. PROPOSED TAX RATE$0.625900 per $100 NO-NEW-REVENUE TAX RATE$0.586886 per $100 VOTER-APPROVAL TAX RATE$0.632453 per $100 The no-new-revenue tax rate is the tax rate for the 2024 tax year that will raise the same amount of property tax revenue for the City of Troup from the same properties in both the 2023 tax year and the 2024 tax year. The voter-approval rate is the highest tax rate that the City of Troup may adopt without holding an election to seek voter approval of the rate. The proposed tax rate is greater than the no-new-revenue tax rate. This means that the City of Troup is proposing to increase property taxes for the 2024 tax year. A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 16, 2024 AT 6:30 PM AT Cameron-J.Jarvis Troup Municipal Library, 102 South Georgia, Troup,TX 75789. The proposed tax rate is not greater than the voter-approval tax rate. As a result, the City of Troup is not required to hold an election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to the proposed tax rate by contacting the members of the City of Troup of at their offices or by attending the public hearing mentioned above. YOUR TAXES OWED UNDER ANY OF THE RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS: Property tax amount= (tax rate) x (taxable value of your property)/100 FOR the proposal:Diane LayneNelson Darden Brandi BartonFielding Winchester AGAINST the proposal: PRESENT and not voting: Jeff Hale ABSENT:Chip Richardson Visit Texas.gov/PropertyTaxes to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property. The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state. The following table compares the taxes imposed on the average residence homestead by the City of Troup last year to the taxes proposed to be imposed on the average residence homestead by the City of Troup this year. 2023 2024 Change Total tax rate (per $100 of value) $0.544700 $0.625900 increase of 0.081200 per $100, or 14.91% Average homestead taxable value $110,450 $123,727 increase of 12.02% Tax on average homestead $601.62 $774.41 increase of 172.79, or 28.72% Total tax levy on all properties $792,782 $859,262 increase of 66,480, or 8.39% For assistance with tax calculations, please contact the tax assessor for the City of Troup at 903-590-2920 or taxoffice@smith-county.com , or visit https://www.smith-county.com/government/elected-officials/tax-assessor for more information.
Posted Online 91 weeks ago
