Tuesday’s council presents lowest tax rate in at least 30 years
Coppell director of finance Kim Tiehen proposes an updated tax budget at the City Council meeting on Tuesday. Coppell’s current tax rate of $0.518731 is the lowest it has been since 1990.
August 25, 2022
Tuesday night’s Coppell City Council meeting outlined the proposed 2022-23 fiscal year crime prevention budget, the proposed municipal budget and the proposed tax rate.
Public hearing on all three items will continue until the next regularly scheduled council meeting. Council members will vote on all three items on Sept. 13.
All three items were presented by City of Coppell director of finance Kimberley Tiehen.
The proposed 2022-23 Crime Control and Prevention District budget was initially approved by the board in May 2022. This budget will bring in $3.6 million in revenue and $3.3 million in expenditures.
This year’s proposed municipal budget will bring $65 million in general fund revenue and $76 million in expenditures. This is a 2.66% increase in net expenditures from the previous fiscal year.
The proposed 2022-23 tax rate is $0.518731, which is 10.56% less than last year’s rate of $0.58. This will raise $759,031 less in revenue from property taxes compared to last year.
“The proposed tax rate for this fiscal year is the lowest tax rate since at least 1990,” Tiehen said.
One of the ways this decrease in the tax rate occurred through the proceeds from the sale of North Lake in 2021.
The adjusted tax rate will impact homeowners including those with a 5% homestead exemption or over 65 exemption. Council took action in May to increase the over 65 exemption from $75,000 to $100,000. Those with a homestead exemption will see a 5% deduction from their assessed value.
SPAN-Transportation mobility manager Diane Beck provided updates on the company’s work with Meals on Wheels to serve Coppell and the Denton County community
Mayor Pro Tem Biju Mathew shared updates on Metrocrest Services, the first after the last update in October.
The food bank has provided 748 meals to senior citizens in Coppell. The emergency financial assistance program has helped 82 households with rent and utility bills, totaling $163,338. The Sack summer hunger program has served 66 Coppell students and provided 4,370 meals.
The next council meeting on Sept. 13 will finalize city budgets and the tax rate.
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