Notice of Public Hearing on Tax Rate – September 10, 2024
As we approach the end of the year, property owners within Cinco Municipal Utility District No. 5 should be aware of the upcoming public hearing on the proposed tax rate for the 2024 tax year. Scheduled for September 10, 2024, at 4:30 pm at Willow Fork Country Club in Katy, Texas, this hearing is a vital opportunity for residents to understand potential changes to their property taxes and how these changes might affect them.
Key Highlights:
- Proposed Tax Rate Reduction: The proposed tax rate for 2024 is $0.3100 per $100 of value, down from last year’s rate of $0.3550 per $100 of value. This represents a significant decrease of 12.68%, reflecting efforts to manage tax burdens effectively.
- Impact on Average Residence Homestead: Despite the reduced tax rate, the average residence homestead taxable value has increased from $389,197 last year to $426,339 this year. As a result, the tax on the average residence will decrease slightly, from $1,381.65 last year to $1,321.65 this year—a reduction of $60.00 or approximately 4.34%.
- Potential for Voter Election: If the combined tax rate leads to an increase in taxes on the average residence homestead by more than 3.5%, a voter election may be required to approve the new rate. This ensures that any significant tax increases have the support of the community.
- Why This Matters: Understanding how changes in the tax rate and property values affect your individual tax obligations is crucial. This hearing offers a chance for property owners to engage with the process and ensure their voices are heard.
For those who want to dive deeper into the details, including specific figures and comparisons, the official Notice of Public Hearing on Tax Rate provides comprehensive information. Staying informed and participating in this hearing is essential to managing your financial obligations effectively.