Young County is preparing for public hearings on its proposed budget and tax rate for 2024-2025. The proposed tax rate for the county is an increase of just over four cents over the current rate of $0.587674 per $100.
Public hearings are scheduled to begin at 9:30 a.m. on Monday, August 26, in the Young County Commissioners Court Chambers at the Young County Courthouse, 516 Fourth St., Room 106.
Young County Commissioners recently discussed the proposed tax rate that will take effect in the 2024-2025 fiscal year. The proposed tax rate is $0.63 per $100 of value.
This is not the official tax rate for the coming fiscal year, as a public hearing must still take place before commissioners can vote on the exact rate they want to implement.
The voter approval rate for the county is $0.632547 per $100 of value. The voter approval rate is the highest tax rate the county can implement without holding an election to obtain voter approval for the rate.
“I move that we explain our proposed rate in our notice of public hearing as a rounded number below our current voter approval rate,” Young County Judge Win Graham said at a district court meeting on Monday, August 5.
County commissioners voted unanimously to set the proposed rate at $0.63 per $100 of value.
The no-new revenue rate for the county is $0.553763 per $100 of valuation. The no-new revenue rate is the 2024 tax rate that will produce the same property tax revenue for Young County from the same properties in tax years 2023 and 2024.
Young County’s de minimis tax rate is $0.591658 per $100 of value. The de minimis rate is the sum of a taxing unit’s M&O (maintenance and operating expense) rate with no new revenue, the rate that, when applied to a taxing unit’s current total value, produces a taxable amount of $500,000, and a taxing unit’s current debt rate.
“Your de minimis rate, which essentially gives you exactly the same amount (as the M&O rate with no new revenue) plus $500,000, that’s all it does,” said chief appraiser Jesse Blackmon.
On the budget front, county commissioners have made progress over the summer and are nearing the end when they will present their draft budget to the public. There are still a few changes that need to be made to adjust the proposed tax rate and other aspects of the overall budget, but the majority is complete.
“We hope to reach consensus on the draft budget, which we can then look at in detail next Monday (August 11),” Graham said.
Following public hearings on the proposed tax rate and budget on Monday, August 26, the County will consider adopting the budget and tax rate.
