Richmond Publishes Decreased Maximum Tax Rate

Press Releases
Aug 18, 2022
Staff Reports

(Richmond, Texas)- Richmond City Commission voted Monday to publish the maximum tax rate at $0.660000 per $100 property valuation for consideration for the City’s 2022- 23 fiscal year tax rate, a decrease of two cents from the city’s current tax rate of $0.680000. This proposed decrease in the tax rate demonstrates the Commission’s commitment to a feasible long-term plan of tax rate reductions as the city continues to bring in new first-class development and growth. The city has lowered the tax rate 11 cents over the last 13 years, between fiscal years 2009 to 2022, while maintaining the high level of services that Richmond residents expect. Property tax is the most stable funding source in the city, as it ensures recurring funding is available to meet service level commitments. If the maximum tax rate is adopted in fiscal year 2023, the decrease in tax rate will expand to 13 cents in the last 14 years. The Commission is committed to lowering property taxes in a fiscally responsible manner as new quality development and strategic annexations are accomplished by the city, following the City’s Comprehensive Master Plan. Additionally, the Commission is committed to identify and invest any additional funding into rehabilitating aging infrastructure to create a flourishing and beautiful City for generations to come.

The city has two Public Meetings planned for September 8th on the 2022-23 Budget and September 19th on the Tax Rate.