FERRIS – The City of Ferris successfully voted on the Fiscal Year 2023/24 Budget and Tax Rate this month meeting with favorable results for residents.
The new fiscal year tax rate came in a $0.4947 per $100 of assessed valuation and the overall budget at $13,490,412. This is an increase of $3,016,183 or 29% from last year’s budget, and a $0.268154 or 35.15% decrease from last year’s tax rate.
It was back in July when Ferris City Manager Brooks Williams explained that with the city applying $642,000 from the negotiated operational savings towards the city’s fiscal year 2024 debt payment, it would be able to lower the I&S (Interest & Sinking) tax burden by almost $0.24 per $100.00 value. Combined with the mandated Senate Bill 2 lowering on the M&O (Maintenance & Operations) side, the city WAS ABLE TO lower the overall tax rate for fiscal year 2024 by approximately $0.25 or 33% from the current rate.
“This will result in a $500 per year savings to the individual taxpayer on a $200,000 home,” Williams said. “We understand that rising property values, along with increased costs for providing services, has created an environment for taxpayers where relief is needed when possible.”
The tax rate also favors residents in that it will lower the taxes due on an average homestead $272.33 or 17.86%.
The City of Ferris continues to experience growth from new construction, which to date has added up to approximately $50,000,000 in value.
As for homestead exemptions, the city has worked hard for residents on that too offering 4% of value with a minimum of $5,000, $10,000 for residents aged 65 or older and $10,000 for disabled residents.
“As the growth in the city continues, we find that has increasingly strengthened our reputation in the area while at the same time creating a buzz for new businesses wanting to join our community,” Williams said. “With our tax rate and budget being a reliable indication of growth and future growth that is an incentive for both businesses and residents moving into our community.”
Williams concluded that having the capacity to provide key efficiencies in the region is one of the driving forces behind the ability to offer the lowest tax rates in Ellis County.
“Of course, the numbers speak for itself, Williams concluded “Showcasing a strong impact for the upcoming fiscal year 2024.”