The Finance Department is responsible for preparing the City’s budget. The Finance Department develops the budget by working with the Mayor, City Council, City Manager, and department heads to determine the most efficient and effective distribution of funds manner to meet City priorities. The budget is approved and adopted by the City Council. The City’s fiscal year runs from October 1 to September 30.
Budget Regulations & Policies
The adopted budget and any adopted amended budgets for any given fiscal year are provided by the Finance Department to ensure transparency in the distribution and use of City funds. Transparency promotes accountability and provides information for citizens so taxpayers can see exactly where their money is going. The Finance Department makes every effort to ensure the documents and other information presented are accurate, reliable, and current. The adopted budget is subject to revisions through proper amendments approved by the City Council during the course of a given fiscal year.
FY 2022 Budget, Property Tax Rate
The City’s 2022-2023 fiscal year tax rate is $0.5346 per $100 assessed valuation. City Charter states it is the responsibility of the City Council to set the tax rate. To calculate your city tax bill you must divide the taxable assessed valuation of your home by $100, and then multiply that figure by $0.5346. For example, John and Jane Citizen own a $27,262 home. Their city property tax portion is calculated as follows:
- Taxable Assessed Valuation = $27,262
- Divided by $100 = $272.62
- Multiplied by $0.5346 = $145.74
- $145.74 = Please note this is the City’s portion of your annual tax bill, not your total tax bill.
To find your current house property tax rates click here under Taxing Jurisdiction (City of Palmview)
Fiscal Year 2022 takes place Oct. 1, 2022 through Sept. 30, 2023.
FY 2022 Adopted Budget Breakdown
This budget will raise more revenue from property taxes than last year’s budget by an amount of $553,888, which is a 17.54 % increase from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $52,745.
Property Tax Rate Comparison
Property Tax Rate: $0.5346/100 $0.5001/100
No-new-revenue tax rate: $0.4606/100 $0.4665/100
No-new-revenue Maintenance & Operations
Tax Rate: $0.3169/100 $0.3121/100
Vote-approval tax rate: $0.4892/100 $0.5629/100
Debt Rate: $0.1437/100 $0.1544/100
This year’s debt obligation for City of Palmview secured by property taxes is $997,940.40.
The total debt obligation outstanding for the City of Palmview secured by property taxes is $6,796,000.