The FY2022 General Fund Adopted Budget is $137,666,537. All other funds total $210,283,489.
$ Increase/Decrease from Prior Year
% Increase/Decrease from Prior Year
MUNICIPAL PROPERTY TAX RATES:
The municipal property tax rates for the preceding two years, and each municipal property tax rate that has been adopted or calculated for the current fiscal year, include:
Proposed Tax Rate
Voter-Approval Tax Rate
No-New-Revenue M&O Tax Rate
Interest & Sinking (Debt Service)
A tax rate of 0.367189 per $100 valuation has been adopted by the governing body of City of Midland.
This proposed rate is greater than the no-new-revenue tax rate indicating the City is increasing property taxes for the 2021 year. The rate of 0.367189 is effectively a 2.07% increase in the tax rate.
The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for City of Midland from the same properties in both the 2020 tax year and the 2021 tax year. This does not include revenue from new property added to the tax rolls.
This budget will raise more revenue from property taxes than last year’s budget by an amount of $2,655,225 which is a 4.4 percent increase in tax dollars from last year’s budget. The property tax revenue to be raised from new property added to the tax roll this year is $1,448,981.
Debt Service Revenue
MUNICIPAL DEBT OBLIGATIONS
The total amount of outstanding municipal debt obligations is $158,697,414
CITY COUNCIL FY22
TAX RECORD VOTE:
Councilman District One
Councilman District Two
Councilman District Three
Councilwoman District Four