Liberty City Council met for a special called meeting Tuesday night to approve the proposed 2021- 22 tax rate. Unfortunately, the City of Liberty is dealing with a shortfall going into the new year, with the loss of their single biggest taxpayer in Boomerang, causing a necessity to seek out additional funding.
The current tax rate for the City of Liberty is .581 cents per $100 valuation, with the City proposing a rate of $0.6372000 per $100 valuation. If Liberty officially adopts the proposed rate, it would result in a tax increase of just over .055 cents or a 9.62% increase per $100.
For the City to operate under the same numbers as last year’s budget, it would need to adopt the No New Revenue Tax Rate (0.6225646), which is the rate that would generate the same amount of revenue as last year based on the current property valuations. The increase would remain under the Voter-Approved Rate (0.6516117), which is limited to a 3.5% increase in revenue annually per the new state law.
There will be a hearing on the proposed tax rate Tuesday, Sept. 14 at 6 pm in the Council Chambers.