MIDLAND, Texas (KOSA) – The Midland City Council approved their 2022-2023 Fiscal Year Tax Rate and Budget yesterday.
The approved tax rate is a decrease from last year’s rate and the budget has increased for the upcoming year. But, this doesn’t mean people will be paying less in taxes, in fact, Midlander’s will most likely be paying more.
The council approved a no new revenue rate of .355039% for the upcoming fiscal year which is lower than last year’s rate.
Director of Finance Christy Weakland says while the rate decreased, residents will be paying more in taxes because living evaluations across Midland have gone up. With a lower tax rate, the city gets less of that money.
“The city does not do the evaluations on the homes so we have nothing to do with that, however if the value of your home has gone up you will pay more in taxes because of that,” said Weakland.
The property tax bill goes to many different entities including Midland Independent School District, Midland College, the hospital and the county, which also could play a role in the higher rates people are seeing.
The council had a few priorities in mind when approving the budget and tax rate.
“The city tries to really listen to the citizens and find out what the needs are, road infrastructure, water infrastructure is always very important,” said Weakland.
“It’s also very important for the city to retain good employees so that we can continue to provide the good services.”
The approved budget for the year is $379 million, which includes $148 million for the general fund and about $230 million for all other funds combined.
“We are thankful that we are able to increase our budget this year and get ready for growth in the future and were just thankful that we have the resources that we do have and the strong economy that we do have and it allows us to continue to grow and provide services,” said Weakland.
Weakland says the increased budget is natural with inflation and increased costs of goods and services but the money is needed for the growth the city continues to see.
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