TEXARKANA (KTAL/KMSS) – The Texarkana, Texas City Council approved a new budget Tuesday, lowering property taxes for the first time in 20 years in the process.

The rate will be lowered by five cents per $100 valuation. It is the first tax rate reduction since 2001.

“Sales tax revenue has been very strong, even though we’ve had challenging times with COVID-19 and a cyber attack that struck our city last year and a winter storm earlier this year in February, our local economy has remained very strong,” said Mayor Bob Bruggeman.

The new rate goes into effect on October 1.