Skip to main content

Council approves 85.66-cent tax rate

September 18, 2013

Big Spring City Council members have given their stamp of approval to a tax rate that will bring the city almost $500,000 more in revenue this coming fiscal year.

During a special meeting Tuesday afternoon, the council voted unanimously to approve a tax rate of 85.66 cents per $100 valuation for the new fiscal year, which begins in October.

The new tax rate is almost one cent below the existing rate, but that doesn't automatically mean city property owners will see a break in their tax bills.

“Although the new rate is lower, I want to note that if your assessment went up, you will actually pay more in taxes (this coming year),” City Finance Director Peggy Walker said.

Unlike most of the taxing entities within Howard County, the city's overall valuations increased by about 12 percent this year, from $575 million to $642 million. The reason, Walker explained, is that Big Spring's tax rolls were primarily property-driven, while the other entities relied heavily on mineral valuations, which took a nosedive this year.

After exemptions, the owner of a $50,000 home in Big Spring can be expected to pay slightly less than $343 in city taxes in the new fiscal year. That compares to $346.02 in city taxes the previous year, Walker said.

She noted the new tax rate will bring in $450,000 in additional revenue in the new fiscal year. With that additional money, the city will implement an across-the-board 6 percent pay raise for employees, as well as capital outlays which include money for a new landfill.

No other business was discussed during Tuesday's meeting.

The Big Spring High School Steers' second-round playoff game with the Clint Lions has been...
With just over 10 minutes left in regulation and his team holding a shaky two-point lead at 45-43...
The Howard College Hawks are 40 minutes away from hanging another banner from the rafters of the...
New Listings!! 7 Highland Heather 1507 Runnels 103 Washington Blvd.
The most common New Year Resolution is to lose weight and get fit. Fitness and nutrition expert John Basedow offers his...

 

Premium Drupal Themes by Adaptivethemes