The Cinco Municipal Utility District No. 10 has announced a public hearing on a proposed tax rate for the tax year 2024. This hearing is scheduled for September 18, 2024, at 11:00 am, and will take place at 3200 Southwest Freeway, Suite 2400, Houston, TX 77027. This hearing is crucial for property owners who wish to understand how the proposed changes might affect their taxes.
Key Details of the Proposed Tax Rate
The proposed tax rate for this year is $0.45 per $100 of property value, which is a decrease from last year’s rate of $0.48 per $100. This represents a 6.25% decrease in the rate. However, it’s important to note that despite the decrease in the tax rate, the average appraised residence homestead value has increased from $417,645 to $459,790. This increase in property value means that taxes on the average residence homestead are still expected to rise by $64.36, or 3.21%, if the proposed rate is adopted.
Potential Implications for Property Owners
The impact of the proposed tax rate on individual property taxes will vary depending on the change in your property’s taxable value compared to others. Some property owners may see a greater or lesser increase, or even a decrease, in their taxes based on how their property value has changed relative to the average.
If the district adopts a tax rate that results in more than a 3.5% increase in taxes on the average residence homestead, an election must be held to determine whether to approve the proposed operation and maintenance tax rate. However, no election is required if the adopted tax rate is less than or equal to the voter-approval tax rate.
Have Your Say
It is important for property owners to participate in this hearing and express their views on the proposed tax rate. Decisions made at this hearing will influence the distribution of the tax burden among property owners within the district.
For more detailed information about the proposed tax rate and how it might affect you, refer to the document provided or visit Texas.gov/PropertyTaxes. This website provides access to your local property tax database, where you can find information about proposed tax rates and scheduled public hearings for entities that tax your property.
Conclusion
Staying informed and participating in local tax hearings is an essential part of understanding and influencing how property taxes are determined. For more details on the proposed tax rate changes and their implications, please refer to the original document provided.