During Monday nights City Council Meeting, members proposed a vote to approve the new 2022 Fiscal Year Budget, which includes lowering the property tax rate by $.05 cents.
Kristin Peeples, Chief Financial Officer for the City of Texarkana, Texas addressed Board Members, citing several changes that were made to the budget since the last meeting in August. After researching and discussing the proposed lower tax rate for the new Fiscal year, it was determined that this would be the first time the Council could lower rates since 2001. The current rate is $.70 cents, and with the adoption of the new Fiscal Year Budget the tax rate will be lowered to $.65 cents. With the adoption of the budget, houses that are valued at $100,000 will see a decrease in property taxes by at least $50. The Budget was approved during the meeting, and the Fiscal Year is set to start on October 1st, 2021 and will go through September 2022.
