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The city of Big Spring took a step forward Tuesday night in solidifying its proposed 2011-2012 budget and ad valorem tax rate, calling for a public hearing on the matter to be held during its next council meeting.
The proposed budget is based on a 94.95-cent per $100 valuation tax rate, a drop of 5 cents compared to last year's 99.95 cent rate. The proposed rate is also nearly 5 cents below the effective tax rate of 99.7 cents per $100 valuation.
According to City Finance Director Peggy Walker, because the proposed tax rate is below the effective rate, the public hearing isn't required by law. However, city officials will be holding the hearing in an effort to give local residents a say in how their tax dollars are spent.
“There are legal requirements for a tax entity if you are anticipating adopting a tax rate that is above your effective tax rate,” Walker told the council. “Those requirements then call for public hearings, publication and notifications to the public.
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