Property tax rate increases in Beaumont

Property tax rate increases in Beaumont

After remaining flat for four consecutive years, property taxes are rising in Beaumont.

The Beaumont City Council unanimously approved an increase in the property tax rate Sept. 26, raising the rate from $0.69/100 to $0.71/100, a two-cent increase that will bring in 4.7 percent additional revenue to the municipality. The majority of property taxes are dedicated to the general fund, $0.49/100, while approximately $0.22/100 is applied to the debt service.

City Manager Kyle Hayes said most of the two-cent increase would be dedicated to the city’s debt service, adding that the city plans to borrow another $10 million over the next year. More than half of the two-cent increase, 1.3 cents would be applied to the city’s debt service, and .7 cents would be dedicated to the general fund.

The council also unanimously approved the adoption of a budget for FY 2018 and the 2018 Capital Program. Breakdowns of both can be accessed through the city website.

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