TEXARKANA, Texas (KTAL/KMSS) – The city council passed an ordinance that will maintain the tax rate currently paid by property owners on Monday.

The current property tax rate of 65 cents per 100 dollars will continue into the proposed fiscal year for the remainder of 2023 and into 2024. The ordinance passed unanimously without public comment.

While the rate does not change, if a resident’s assessed property evaluation increases, they may have to pay an additional amount in taxes due to the property value rising.

“So the approved rate that was voted on today that was voted on tonight will be the 65 cents which is the current rate in place, however, each year the appraisal district releases property evaluation, those did increase this year, for the upcoming fiscal year and so when you apply that same 65% rate to the increased property evaluation it does increase the revenue generated for the city,” says Chief financial officer, Kristen Peoples.

At the current rate, a property valued at $300,000 would be paying under two thousand dollars a year in taxes. The next city council meeting is scheduled on September 25.