Notice of Public Hearing on Tax Increase
A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 7, 2021 at 6:00pm at the City Hall Annex, City Council Chambers, 115 SW 1st St., Mineral Wells, Texas 76067.
A tax rate of $.6879056 per $100 valuation has been proposed by the governing body of City of Mineral Wells.
PROPOSED TAX RATE $.6879056 per $100
NO-NEW-REVENUE $.6879056 per $100
TAX RATE VOTER-APPROVAL $.6559883 per $100
TAX RATE DE MINIMIS RATE TAX RATE $.6983078 per $100
The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for City of Mineral Wells from the same properties in both the 2020 tax year and the 2021 tax year.
The voter-approval rate is the highest tax rate that City of Mineral Wells may adopt without holding an election to seek voter-approval of the rate, unless the de minimis rate for City of Mineral Wells exceeds the voter-approval rate for City of Mineral Wells.
The de minimis rate is the rate equal to the sum of the no-new-revenue maintenance and operations rate for City of Mineral Wells, the rate that will raise $500,000, and the current debt rate for City of Mineral Wells.
The proposed tax rate is greater than the no-new-revenue tax rate. This means that the City of Mineral Wells is proposing to increase property taxes for the 2021 tax year.
The proposed tax rate is greater than the voter-approval tax rate but not greater than the de minimis rate and does not exceed the rate that allows voters to petition for an election under Section 26.075, Tax Code. If City of Mineral Wells adopts
the proposed tax rate, City of Mineral Wells is not required to hold an election so that the voters may accept or reject the proposed tax rate and the qualified voters of the City of Mineral Wells may not petition City of Mineral Wells to require an election to be held to determine whether to reduce the proposed rate.
