City of Katy Proposes Tax Rate Change Amid Rising Property Values: What Homeowners Need to Know
The City of Katy has proposed a tax increase for the 2024 tax year, pivoting from last year's rate.
The current proposed tax rate stands at $0.425000 per $100 valuation, indicating a slight decrease from the 2023 tax rate that stood at $0.430000 per $100 of value. The reduction in the tax rate by -0.005000 per $100, or -1.16%, marks a significant shift in taxation for the City of Katy.
However, it's crucial to note that despite the decrease in the tax rate, homeowners may see an increase in their tax bills due to rising property values. The average homestead taxable value has increased by 10.12% from $326,766 in 2023 to $359,844 in 2024. This increase in taxable value will result in an 8.84% increase in tax on the average homestead, moving from $1,405.09 to $1,529.34.
As a result of these changes, the total tax levy on all properties will rise by 1.96%, amounting to an increase of $465,527, from $23,765,326 to $24,230,853.
|
|
2023 |
2024 |
Change |
|
Total tax rate (per $100 of value) |
$0.430000 |
$0.425000 |
decrease of -0.005000 per $100, or -1.16% |
|
Average homestead taxable value |
$326,766 |
$359,844 |
increase of 10.12% |
|
Tax on average homestead |
$1,405.09 |
$1,529.34 |
increase of 124.25, or 8.84% |
|
Total tax levy on all properties |
$23,765,326 |
$24,230,853 |
increase of 465,527, or 1.96% |
The proposed tax rate is not greater than the voter-approval tax rate, meaning the City of Katy is not obliged to hold an election to seek voter approval for the rate. However, citizens can express their opinions on the tax rate proposal either by contacting the members of the City Council or by participating in a public hearing scheduled for September 23, 2024, at 6:30 pm at Katy City Hall.
The support members of the City Council include Chris Harris (Mayor Pro Tem/Councilmember At-Large), Janet Corte (Councilmember Ward A), Dan Smith (Councilmember Ward A), Gina Hicks (Councilmember Ward B), and Rory Robertson (Councilmember Ward B). Mayor William H. "Dusty" Thiele was present but did not vote on the proposal. There were no council members against the proposal.
To view the official Notice of Public Hearing, click here.
For assistance with tax calculations or for more information, residents can contact the tax assessor for the City of Katy at 281-341-3710 or FBCTaxInfo@fortbendcountytx.gov, or they can visit www.fbctx.gov. For information regarding property taxes, including proposed tax rates and scheduled public hearings, residents can visit Texas.gov/PropertyTaxes for a link to their local property tax database.
Tiffany Krenek has been on the My Neighborhood News team since August 2021. She is passionate about curating and sharing content that enriches the lives of our readers in a personal, meaningful way. A loving mother and wife, Tiffany and her family live in the West Houston/Cypress region.
