Buda City Council has passed the city’s new tax rates, lowering the property tax percentage from last year; but because Buda home values are rising, it does not mean a lower tax payment for residents.
Achieving this tax cut was praised by council members especially that it has kept the city at one of the lowest tax rates in the region with full service cities.
Fiscal Year 2021 will see a decrease of $0.0073 per $100 valuation, making the new rate $0.3423. Buda will also increase their water rate by 3% and their wastewater rate by 4%.
In comparison with last year’s finances, the average home can see an increase of $5 per year.
These new rates will generate about $6.6 million of revenue for the City.