Saturday, October 5, 2024
LAKE WORTH — Lake Worth City Council approved the city’s fiscal year budget at its Sept. 17 meeting. The city’s 2024-2025 fiscal year begins Oct. 1, 2024, and ends Sept. 30, 2025.
The council approved the proposed budget that is supported by a $0.485420/$100 tax rate. Before the council approved the budget, two recommended motions were given. The first motion was to approve the budget by record vote and make allowance for city departments. The second motion was to approve the property tax increase seen in the budget. Both motions were passed unanimously.
“This budget will raise more total property taxes than last year’s budget by $1,020,856 or 37.28% and of that amount $234,293 is tax revenue to be raised from new property added to the tax roll this year,” a statement contained in the proposed budget says.
Since the city will raise more revenue from property taxes than in the fiscal previous year, section 102.007 (c), Local Government Code requires a separate vote of the governing body to approve the property tax revenue increase reflected in the budget.
Chapter 26 of the Property Tax Code requires that municipalities comply with truth-in-taxation laws in adopting tax rates. The laws are created to make taxpayers aware of tax rate proposals.
