Buda property owners could see a slight decrease in their FY 2020 taxes, according to the 2019-2020 budget and tax rate approved by the city council Sept. 17.
Residents will, however, see a 2 percent increase in their water rate and a 3 percent increase in wastewater services. The maintenance and operation (M&O) portion of the tax rate will increase to $1.0035 and the debt portion will decrease by $0.00249, due to an increase in property values.
“At a rate of $0.3496, the city will generate $246,873 more property tax revenue than the previous year,” the press release said. “Total taxable value to the city will increase by $163 million over last year and the M&O revenue is estimated to be $2 million.”
The city added that Buda’s tax rate “one of the lowest tax rates in the region and in the state for full service cities.”
“The budget for Fiscal Year 2020 is a structurally balanced budget that continues our previous commitments toward maintaining existing service levels and implementing city council priorities,” City Manager Kenneth Williams said. “The budget continues to include the appropriate level of funding to maintain outstanding city services for residents and visitors to Buda, and it ensures continued financial strength into the future by maintaining adequate fund balance reserves. As city manager, I am always committed to our journey of investing in our employees and infrastructure, improving the services provided to Buda residents and maintaining our momentum in public safety, parks and community development and services.”