City Council schedules public hearings for budget, tax rate
On Tuesday, Aug. 16, The Colony City Council began deliberations on the 2022-23 FY budget and tax rate, scheduling related public hearings and possible approval for the next Council meeting on Sept. 6, 2022. Additional hearings will be set for the meeting of Sept. 20, 2022, if necessary. The Council is considering a 1/2-cent reduction to the property tax rate, which would reduce it from $0.65 cents per $100 valuation to $0.645 cents. If approved as considered, this would be the 18th consecutive year of tax reductions and the 21st straight year the Council has either reduced the rate or kept it flat. Those decisions have resulted in a cumulative savings of $3,221 per homeowner over that timeframe, based on the average value of a home ($369,000) in the city. For information about the City Council meetings and to view the meeting agendas, please visit our website or contact The Colony City Secretary's Office.