The city of Oak Ridge North has proposed another property tax cut for residents, which would take effect on Oct. 1 if approved.
The cut would lower the city’s property tax rate from $.5244 per $100 property valuation in 2013, to $.4822 per $100 for 2014, according to Oak Ridge North.
The proposal continues a trend of Oak Ridge North property tax cuts going back to 2009, when taxes were $.6389 per $100, Rudy said.
“That represents a little over a [4-cent] reduction in tax rate,” city manager Vicky Rudy said. “We have had a very good record of reducing [property] taxes since 2009. It is a product of many things: first of all growth, paying off debt and good planning.”
While the city uses taxpayer funds to pay for basic services and invest in infrastructure upgrades, it is able to cut property taxes because of strong financial performance in recent years, Rudy said.
The city has experienced a 22 percent increase in sales tax revenue compared to 2013, seen growth in property values, new businesses, construction and annexation of new tracts of land, Rudy said.
“We want to have enough money to pay for basic services, to put money ahead for future improvements and maintain our infrastructure, but we also want our residents and property owners to get a break on taxes when times are good like they are right now for the city of Oak Ridge North,” Rudy said.
http://impactnews.com/houston-metro/the-woodlands/city-of-oak-ridge-north-proposes-property-tax-cut/
Follow Us