The Rockwall City Council voted Monday to adopt a property tax rate for the upcoming fiscal year.
The tax rate falls below the no new revenue rate, the rate needed to raise the same amount of property tax revenue for the county from the same properties in both the current fiscal year and the 2020-21 tax year.
A statement issued by the council said the vote continued a seven-year trend to decrease the tax rate for Rockwall residents. The approved tax rate is 1.79 cents less than the rate last year.
The council adopted the budget for fiscal year 2020-21 during the same meeting.
“This year has called for unprecedented measures in so many areas of life,” said Rockwall Mayor Jim Pruitt. “As a city council, we have taken great strides to ensure we don’t add to the financial load of our residents during these challenging times. We are happy to adopt a balanced budget that continues to provide the high-quality services our residents enjoy, without burdening our taxpayers in doing so.”
The new tax rate of 37 cents per $100 valuation is down from the 38.79 cents adopted for the current year. The actual change in ad valorem tax for any individual property is also a function of its assessed value.
The city’s new fiscal year begins on Oct. 1.
The statement from the council indicated that the COVID-19 pandemic and subsequent economic uncertainty have led city leaders to take a cautious approach to the budget. While the city of Rockwall continues to be financially healthy, in light of recent events, the budget will remain conservative.
Items addressed in the budget do not pertain to the Street Repair Bond approved by voters in 2018.