During the August 7 City Council meeting, the council announced that public hearings would be held for the upcoming FY2019-2020 budget and tax rate. The public hearing for the budget will be held on August 20 and the public hearings for the proposed tax rate will be held on August 20 and September 3. The Council also announced during the meeting that the tax rate for the upcoming FY year would be reduced by $0.04. For example, a home valued at $250,000, this reduction would amount to a savings of $100.
The increased value and amount of new construction in the City, has allowed Council to continue to ease the burden on residents through property tax relief. With this proposed reduction, FY2020 would mark the sixth consecutive year that the City of Forney has lowered property taxes. In the time since FY2013, when the tax rate was $0.7490 the City has lowered the tax rate by $0.1690, with $0.1180 of that coming in the last 5 years. For instance, just last year the City had almost $100 million of new taxable value, a large portion of the that being new construction.
For more information about the budget, the tax rate or questions about the process, please visit the Finance Department webpage on the City’s website at www.cityofforney.org.