The first property tax increase in 11 years has been approved by the Garland City Council. The city tax rate, which was 70.46 cents per $100 of valuation will increase to 76.96 cents.
The Operations & Maintenance portion of the tax rate is proposed to remain unchanged at 39.40 cents per $100 of valuation. The Debt Service tax rate will increase by 6.50 cents to 37.56 cents per $100 of valuation.
The increase will provide the resources needed to fund the $423.7 million 2019 bond program that was approved by voters in May.
The impact of the tax rate for a home valued at $150,000, at the tax rate of 75.96 cents, would be $1062.05 per year, or $88.50 per month, after applying the 8 percent Homestead Exemption. The same home for a senior citizen would be $669.55 per year or $55.80 per month after applying the homestead exemption and the $51,000 senior citizen exemption.
In the 2019 certified tax base, residential and commercial property values, excluding new construction, increased by 6.2 percent.