This week, the Highland Village City Council set a public hearing for Sept. 14 for the proposed tax rate for Fiscal Year 2021-22.
The tax rate is proposed to remain the same at $0.56302, according to a city news release. The city is able to maintain the same tax rate by using funds from the unused increment rate from the current fiscal year. The unused increment rate is the difference between the adopted tax rate and the voter-approved rate and can be banked each year for three years and is available to add to the voter-approved rate.
The 2020-2021 fiscal year adopted rate is $0.016 lower than the voter- approved rate, which provides the unused increment rate. For the 2021-2022 fiscal year, $.00698 of the $0.016 unused increment rate will be added to the tax rate. The city has maintained the same tax rate, $0.56302, since 2018.