A tax rate of $0.52990 per $100 valuation has been proposed by the governing body of City of Vernon.
|PROPOSED TAX RATE||$0.52990 per $100|
|NO-NEW-REVENUE TAX RATE||$0.51179 per $100|
|VOTER-APPROVAL TAX RATE||$0.54896 per $100|
The no-new-revenue tax rate is the tax rate for the 2022 tax year that will raise the same amount of property tax revenue for City of Vernon from the same properties in both the 2021 tax year and the 2022 tax year.
The voter-approval rate is the highest tax rate that City of Vernon 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 City of Vernon is proposing to increase property taxes for the 2022 tax year.
A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 6, 2022 AT 6:30 pm AT 1725 Wilbarger Street, Vernon, Texas 76385.
The proposed tax rate is not greater than the voter-approval tax rate. As a result, City of Vernon 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 Commission- City of Vernon, Texas of City of Vernon 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:|
|AGAINST the proposal:|
|PRESENT and not voting:|
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 City of Vernon last year to the taxes proposed to be imposed on the average residence homestead by City of Vernon this year.
|Total tax rate (per $100 of value)||$0.53618||$0.52990||decrease of -0.00628, or -1.17%|
|Average homestead taxable value||$74,164||$80,696||increase of 6,532, or 8.81%|
|Tax on average homestead||$397.65||$427.61||increase of 29.96, or 7.53%|
|Total tax levy on all properties||$2,319,154||$2,397,194||increase of 78,040, or 3.37%|