Palo Pinto County approves Budget with Property Tax decrease

700 572 Matthew Renfro
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By Ann Powers
Editor at Palo Pinto Press

PALO PINTO – At their regular meeting Aug. 22, county commissioners unanimously passed a $22 million spending plan with a 21.99% property tax rate reduction for the 2022-23 fiscal year beginning Oct. 1.

The no new revenue rate is set at a 30-cent property tax and is expected to generate $14.4 million. Last year’s rate was 39 cents and garnered nearly $14 million, according to County Auditor Phyllis Banks.

“The no new revenue rate goes down when property values increase,” Banks said. “If we want to generate the same amount of revenue as we did last year, our tax rate has to go down because the property values increase. And, property values are just through the roof and we have a lot of new construction in the county.”
Despite the lower rate, the new budget will raise more property taxes than last year by $543,549, or 3.92%. From that amount, $459,507 is tax revenue drawn on new property added to the tax roll.

The general fund is set at $16.5 million to cover daily operations of county departments, and $3.3 million has been reserved for the commissioners expenditures in their respective four precincts.

From that, $2.1 million is budgeted for Precincts 2 and 3 in the northern and southwest parts of the county. Precinct 2 was assigned additional funds because it has more road miles than the other areas, and Precinct 3 is anticipating barn repairs.

Capital improvements have been allotted $1.5 million from the general fund for future building projects. Additionally, all county employees and elected officials will see a 5% increase in their paychecks with the coming fiscal year.

This article was originally published by Palo Pinto Press on Sept. 1

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Photos courtesy of Matthew Renfro, REALTOR® at Possum Kingdom Real Estate®

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