The Hunt County Commissioners Court voted Tuesday to approve the county budget and property tax rate for the coming fiscal year, which includes a more than 4-cent rate reduction.
“Its the lowest tax rate since 1998 and it is something we are very happy with,” said County Judge Bobby Stovall.
The votes for the budget and tax rate were both unanimous.
Some homeowners may still see a small boost to their tax bill, because of increases in property values in the past year.
The commissioners conducted a public hearing Tuesday about the budget and tax rate, which was conducted online because of the COVID-19 pandemic. The online session drew about 10 viewers, according to one tally taken during the meeting. Viewers were provided with instructions on the county’s website and during the meeting on how to provide comments, although no one addressed the commissioners.
The property tax rate of 46.7018 cents per $100 valuation is a reduction of almost 4.15 cents, or 8.16 percent, compared to the current fiscal year’s 50.8512 cents per $100 valuation.
According to a statement released by the county, the average homestead taxable value in Hunt County rose by 8.93 percent in the past year, which means the county property tax on an average homestead would increase by 27 cents, or .038 percent, from the current year.
The proposed budget raises an additional $1,074,396 in revenue from property taxes, an increase of 3.16 percent from the current budget.
The “no new revenue” rate, the rate needed to raise the same amount of property tax revenue for the county from the same properties in both the current fiscal year and the 2020-21 tax year, was set at 46.7017 cents per $100 valuation.
The “voter approval rate,” which had previously been known as the rollback rate, the highest tax rate the county may adopt before voters are entitled to petition for an election to limit the rate to the rollback rate, is 49.9958 cents per $100 valuation.
The tax rate represents the third straight year the rate has been reduced and would be a drop of 10.55 cents overall when compared to the 57.25 cents per $100 valuation which was in effect in 2004.
Additional information on the proposed budget and tax rate is available online at www.huntcounty.net/page/hunt.budget.