Montgomery County Commissioners were told this morning at the regular Commissioners Court Meeting that due to what is needed for the budget being greater than the no new revenue rate a public hearing will be required.
Friday, August 26, 2022, at 9:30 am has been set for that hearing.
The no-new-revenue tax rate enables the public to evaluate the relationship between taxes for the prior year and for the current year, based on a tax rate that would produce the same amount of taxes if applied to the same properties taxed in both years. To do this, several adjustments must be made. Last year’s approved budget was $372 million for 2022 with a no new revenue rate of 40.83 cents per $100 property valuation. This year the rate is 37.64 per $100 property valuation. However, with new property values, you will be writing a larger check for your taxes. Tax Assessor Tammy McRae also told the Commissioners to be careful going forward because any changes to the existing budget could have a negative impact since $3.674 Billion of property values are still being protested.