Notice of Public Hearing on Tax Rate – September 11, 2024
As a resident of the Caney Creek Municipal Utility District (MUD), it’s important to stay informed about potential changes that may impact your property taxes. On September 11, 2024, at 9:30 AM, the Caney Creek MUD will hold a public hearing to discuss the proposed tax rate for the 2024 tax year. The meeting will take place at 20305 FM 457, Sargent, Texas 77414.
What You Need to Know About the Proposed Tax Rate
The proposed tax rate for 2024 is set at $0.42422 per $100 of property value, which is a slight decrease from last year’s rate of $0.43690 per $100. This represents a 2.90% reduction in the tax rate. However, due to an increase in the average appraised value of homes within the district—from $303,372 last year to $344,368 this year—the actual taxes paid on an average residence homestead may increase.
Here’s a breakdown of the key figures:
- Last Year’s Tax Rate: $0.43690 per $100
- This Year’s Proposed Tax Rate: $0.42422 per $100
- Percentage Change in Tax Rate: -2.90%
- Average Residence Homestead Value Last Year: $303,372
- Average Residence Homestead Value This Year: $344,368
- Tax on Average Residence Last Year: $800.25
- Tax on Average Residence This Year (Proposed): $864.26
- Annual Increase in Taxes on an Average Residence: $64.01 (8.00%)
These changes highlight the importance of understanding not just the tax rate itself, but also how fluctuations in property values can affect your overall tax burden.
What Does This Mean for You?
Your individual taxes may increase, decrease, or stay the same depending on the specific changes in your property’s value compared to other properties in the district. The distribution of the tax burden among property owners is determined by these changes in taxable value.
If the proposed tax rate results in an increase of more than 8% in taxes on the average residence homestead, qualified voters in the district have the right to petition for an election to reduce the tax rate to a voter-approved level. This is in line with changes introduced by the 86th Texas Legislature, which aims to limit the growth of property taxes across the state.
Stay Informed
For more information about your property taxes, including proposed tax rates and details about the public hearing, visit the Texas property tax database at Texas.gov/PropertyTaxes.
Attending the public hearing or reviewing the details on the Texas government website will help you stay informed and engaged with the decisions that affect your taxes. It’s essential to understand how these changes might impact you and what options are available if you wish to contest the proposed rate.
The Caney Creek MUD encourages all residents to participate in this process to ensure that their voices are heard.