Transpositional Error Shrinks Proposed Tax Cut

Graphic by The Amarillo Pioneer based on selection of pages form City of Amarillo budget proposal

The property tax rate cut in the City of Amarillo’s budget proposal has shrunk after a transpositional error was corrected.

As we previously reported, the initial version of the proposed budget for the 2023-24 fiscal year included a property tax rate of $0.36800. This rate is smaller than the current rate of $0.40626 and would have been the lowest rate since the 2017-18 fiscal year.

However, as the city’s budget workshops began on Tuesday morning, City of Amarillo CFO Laura Storrs informed the council that the proposed rate was $0.38600. While this rate is still lower than the current rate, it would only be the lowest rate since the 2018-19 fiscal year.

The rate in the proposed budget is still preliminary, with the final budget and tax rate scheduled to be voted on in September. This rate could decrease as the council requests changes to the budget over the coming weeks. Over the three-day budget workshops, the council took close looks at the proposed budgets for various city departments. Storrs also noted during the workshops that the proposed rate was based on property valuations that had not been finalized.

The Amarillo Pioneer has made audio recordings of the budget workshops. The first of those recordings can be found at this link. We will continue to report on the budget process as it continues.