The Mont Belvieu City Council heard a staff report Monday night recommending the city’s property tax rate remain unchanged for the coming year, and set public hearings for both the tax rate and the 2019-2020 budget.
Director of Finance Calyn Wesson presented both the proposed budget and the proposed tax rate of $0.436659 per $100 valuation, the same rate that has been in effect for several years.
Property tax is expected to bring in $17.8 million in the coming year.
Homeowners receive a 20% homestead exemption on the value of their home, meaning they pay tax on just 80% of its value while commercial and industrial property is taxed at 100% of value.
Homeowners who are 65 or older receive an additional exemption of $160,000 and disabled homeowners receive an exemption of $75,000.
Wesson said about 83% of Mont Belvieu’s property tax revenue comes from industry.
The council will hold public hearings on the tax rate on Aug. 26 and Sept. 9, and vote on the rate Sept. 23.
It will have a public hearing on the budget Sept. 9.
All of the public hearings will be during regular city council meetings at 6 p.m. in Council Chambers of City Hall.