CORPUS CHRISTI (KIII NEWS) - As the City's budget process winds down to the last couple of months, a public hearing was held during Tuesday's Council meeting on the proposed ad valorem tax rate.
There was no public comment on the rate, which is unchanged from last year, but because of an increase in property values, more money will be collected. The current effective rate of 58 cents per $100 of assessed valuation will increase to 61 cents per $100 based on the property value increase.
"Today we held the first of two public hearings to talk about our 2018 property tax rate," said Constance Sanchez, the City's Director of Finance. "The effective tax rate is the tax rate needed to generate the same amount of revenue as we earned last year for property taxes. Well, throughout the year we've had growth and we've had increases in valuations, so that revenue has increased. So that's why our existing tax rate is generating more revenue than it did last year."
The second public hearing on the tax rate will be held during next week's Council meeting. Then City Council will vote on the tax rate on Sept. 12.
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