The Jersey Village City Council, at its August Council Meeting, adopted the tax rate for the upcoming fiscal year, setting it at $0.787 per $100 of property value. This is an increase from last year’s rate of $0.7425. The new rate is comprised of two components: the Debt Service (I&S) tax rate of $0.145982 and the Maintenance & Operations (M&O) tax rate of $0.641018 per $100 value.
Why the Increase?
The increase in the tax rate is directly tied to the voter-approved debt service. In November 2023, Jersey Village residents voted to authorize the issuance of debt, which was officially issued in the spring of 2024. The debt service tax rate of $0.145982 per $100 value reflects the funds needed to repay this debt.
Breakdown of the New Tax Rate
- Debt Service Tax Rate (I&S): $0.145982 per $100 value
- This portion of the tax rate goes directly toward repaying the voter-approved debt, which helps fund significant community projects.
- Maintenance & Operations (M&O) Tax Rate: $0.641018 per $100 value
- This portion of the tax rate covers the daily operations of the city, including essential services such as public safety, parks, and infrastructure maintenance.
- This rate generates $214,787 in new property tax revenue, a 2.55% increase, for the General Fund compared to current fiscal year.
Understanding the Impact
The overall tax rate of $0.787 per $100 value represents the combined efforts to maintain our city's operations and fund projects that enhance our community. The increase primarily supports the debt service payments that were part of the commitment made to voters in November 2023.
For more detailed information on the city budget and the specific projects funded by the debt service, please visit our city’s financial transparency page.