County approves FY20 budget, tax rate decrease
After months of in-depth analysis and data gathering, the budget for the 2020-2021 fiscal year has been proposed, revised, reviewed, and now officially approved by the Falls County Commissioners.
During the Commissioners Court meeting on Sept. 28, the last details for the year’s finances were finalized, including tax rate decreases and salary increases.
Both the Falls County tax and property tax rates were proposed with a decrease this year, surprising to some residents.
The newly approved tax rate (per $100 valuation) for the 2020 fiscal year is $0.924904. A portion of that amount, $0.148, goes towards Farm-to-Market roads, while $0.776904 goes towards other county operations.
The property tax decreased by an amount of $0.019096, or about two cents. This reflects a decrease of 2.02 percent.
As mandated by the Tax Code, when adopting a new tax rate, it must raise more taxes for maintenance and operations than the previous year's tax rate. This may seem contradictory to a decrease in the budget, but it is not.
The new budget will raise more revenue from property taxes than last year’s budget by $85,703,938.00 thanks to properties added to the tax roll this year. Total revenue from these additional properties is nearly $100,000. Overall, this is a 9.02 percent increase from last year’s revenue.
The new budget, tax rate, and a $600 salary increase for all county employees will go into effect on Oct. 1, the first day of the new fiscal year. To view a copy of the budget or a list of elected officials’ salaries, go to co.falls.texas.us. Find property tax information at www.fallscad.net