Notice About 2024 Tax Rate & Notice of Meeting
NOTICE OF PUBLIC HEARING ON TAX INCREASE
A tax rate of $0.978200 per $100 valuation has been proposed by the governing body of City of Olney.
PROPOSED TAX RATE
$0.978200 per $100
NO-NEW-REVENUE TAX RATE
$1.045543 per $100
VOTER-APPROVAL TAX RATE
$1.088970 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 City of Olney 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 Olney 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 Olney is proposing to increase property taxes for the 2024 tax year.
A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 12, 2024, at 8:15AM at Olney City Hall-Council Chambers, 201 E. Main, Olney, TX.
The proposed tax rate is not greater than the voter-approval tax rate. As a result, the City of Olney 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 Council of City of Olney at their offices or by attending the public meeting mentioned above.
YOUR TAXES OWED UNDER ANY OF THE TAX RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:
Property tax amount = ( tax rate ) x ( taxable value of your property ) / 100
FOR the proposal: Mayor Pro-Tem: Chuck Stennett. Council Members: Thea Sullivan & Terri Wipperman
AGAINST the proposal: None
PRESENT and not voting: Mayor: Rue Rogers
ABSENT: Council Member: Ronnie Cowart
The 86th 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 Olney last year to the taxes proposed to be imposed on the average residence homestead by the City of Olney this year.
| 2023 | 2024 | Changes | |
|---|---|---|---|
|
Total tax rate (per $100 of value) |
$0.978221 | $0.978200 | 0% increase |
| Average homestead taxable value | $71,597 | $65,859 | 8.01% decrease |
| Tax on average homestead | $700 | $644 | 8.01% decrease |
| Total tax levy on all properties | $1,374,867 | $1,288,554 | 6.27% decrease |
For assistance with tax calculations, please contact the tax assessor for the City of Olney at (940) 549-2392 or youngcad@youngcad.org, or visit https//young.truithintaxation.com.
