Notice About 2023 Tax Rates
Property Tax Rates in CITY OF ABILENE
This notice concerns the 2023 property tax rates for CITY OF ABILENE.
This notice provides information about two tax rates used in adopting the current tax year’s tax rate. The no-new-revenue tax rate would Impose the same amount of taxes as last year if you compare properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.
Taxing units preferring to list the rates can expand this section to include an explanation of how these tax rates were calculated.
- This year’s no-new-revenue tax rate .............................................. $0.6985/$100.
- This year’s voter-approval tax rate ................................................ $0.7513/$100.
To see the full calculations, please visit https://www.texas.gov/propertytaxes/ for a copy of the Tax Rate Calculation Worksheet.
Unencumbered Fund Balances
The following estimated balances will be left in the taxing unit’s accounts at the end of the fiscal year. These balances are not encumbered by corresponding debt obligation.
| Type of Fund | Balance |
|---|
| Interest & Sinking end of FY23 | $2,988,803 |
| Maintenance & Operation end of FY23 | $30,330,831 |
Current Year Debt Service
The following amounts are for long-term debts that are secured by property taxes. These amounts will be paid from upcoming property tax revenues (or additional sales tax revenues, if applicable).
| Description of Debt | Principal of Contract Payment to be Paid from Property Taxes | Interest to be Paid From Property Taxes | Other Amounts to be Paid | Total Payment |
|---|
| Bond Payment 2023-2024 | $7,850,000 | $5,343,990 | $9,800 | $13,203,790 |
| Total Required for 2023 Debt Service | $13,203,790 |
| - Amount (if any) paid from funds in unincumbered funds | $0 |
| - Amount (if any) paid from other resources | $1,018,475 |
| - Excess collections last year | $0 |
| = Total to be paid from taxes in 2023 | $12,185,315 |
| + Amount added in anticipation that the taxing unit will collect only 99.0000% of its taxes in 2023 | $123,083 |
| = Total Debt Levy | $12,308,398 |
This notice contains a summary of the no-new-revenue and voter-approval calculations as certified by Gary Earnest, Chief Executive Officer, 08/01/2023.
Download full notice (PDF)