Property tax cuts in Dallas budget proposal
Dallas city leaders are introducing a property tax cut for the eighth year in a row in the next fiscal year's $4.6 billion budget.
Driving the news: Dallas City Manager T.C. Broadnax and city staff presented the proposed $4.6 billion budget for 2023-24 to the City Council yesterday.
Why it matters: Rising property values allow for another year of property tax cuts despite a budget increase of $100 million. If the proposal is approved, the budget would lower the rate from 74.58 cents per $100 valuation to 73.93 cents.
- The city wants to allocate $1.8 billion for its general fund, nearly $138 million more than this fiscal year.
Context: Dallas expects to collect about $198 billion in property taxes for the upcoming fiscal year. That's almost $19 billion, or 10.5%, higher than this fiscal year's certified property values.
- Property taxes account for 57% of Dallas' general fund. If the 0.65 cent tax cut is approved, the city will lose $12.7 million in revenue.
- The tax cut would save the average Dallas homeowner $17.40 a year, per the budget proposal.
Details: The proposed budget also includes:
- A 0.50 cent increase in the minimum wage for city employees, to $18.50 an hour. Last year, their minimum wage was increased from $15.50 to $18 per hour.
- Hiring 290 police recruits and adding 100 firefighters.
- Expanding hours at 15 libraries so that they are open six days a week.
Of note: While Dallas residents may realize some property tax savings if the budget is approved, fees for some city services will increase.
- Dallas Water Utilities will increase about $1 per month to $71.33.
- Sanitation services fees will increase almost $2 to $37.98 a month.
- Storm drain management costs will go up about 40 cents a month to $9.68.
What's next: Council members will start hosting town hall meetings Thursday for residents to weigh in on the proposed budget.
- City Council will vote in September on the final budget, which will go into effect in October.
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