Budget
FY2021 BUDGET:
A tax rate of 0.358928 per $100 valuation, the No-New-Revenue Rate, has been adopted by the governing body of City of Midland.
The no-new-revenue tax rate is the tax rate for the 2020 tax year that will raise the same amount of property tax revenue for City of Midland from the same properties in both the 2019 tax year and the 2020 tax year. This does not include revenue from new property added to the tax rolls.
This budget will raise more revenue from property taxes than last year’s budget by an amount of $1,555,422 which is a 2.66 percent increase in tax dollars from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $1,555,422.
CITY COUNCIL RECORD VOTE:
MUNICIPAL PROPERTY TAX RATES:
The municipal property tax rates for the preceding fiscal year, and each municipal property tax rate that has been adopted or calculated for the current fiscal year, include:
Tax Rate | Adopted FY 2019-20 | Adopted FY 2020-21 |
Proposed Tax Rate | 0.364715 | 0.358928 |
No-New-Revenue Rate | 0.349432 | 0.358928 |
Voter-Approval Tax Rate | 0.386157 | 0.379481 |
No-New-Revenue M&O Tax Rate | 0.309577 | 0.309123 |
Interest & Sinking (Debt Service) | 0.051814 | 0.059539 |
Municipal Debt Obligations
The total amount of outstanding municipal debt obligations (including principal and interest) secured by property taxes is $225,746,912.