NOTICE OF PUBLIC HEARING ON TAX INCREASE

NOTICE OF PUBLIC HEARING ON TAX INCREASE

PROPOSED TAX RATE	$0.229210 per $100
NO-NEW-REVENUE TAX RATE	$0.214596 per $100
VOTER-APPROVAL TAX RATE	$0.231256 per $100

A tax rate of $0.229210 per $100 valuation has been proposed by the governing body of TOWN OF DOUBLE OAK.

The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for TOWN OF DOUBLE OAK from the same properties in both the 2020 tax year and the 2021 tax year.

The voter-approval rate is the highest tax rate that TOWN OF DOUBLE OAK may adopt without holding an election to seek voter approval of the rate.

The proposed tax rate is greater than the no-new-revenue tax rate. This means that TOWN OF DOUBLE OAK is proposing to increase property taxes for the 2021 tax year.

A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 20, 2021

AT 7:00PM AT Double Oak Town Hall 320 Waketon Rd Double Oak, TX.

The proposed tax rate is not greater than the voter-approval tax rate. As a result, TOWN OF DOUBLE OAK is not required to hold an election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to the proposed tax rate by contacting the members of the Double Oak Town Council of TOWN OF DOUBLE OAK at their offices or by attending the public hearing mentioned above.

YOUR TAXES OWED UNDER ANY OF THE RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:

Property tax amount= (tax rate) x (taxable value of your property)/100

(List names of all members of the governing body below, showing how each voted on the proposal to consider the tax rate or, if one or more were absent, indicating absences.)

FOR the proposal:

Von Beougher-Mayor
Billie Garrett-Mayor Pro-Tem
Anita Nelson-Deputy Mayor Pro-Tem
Casey Garrison Parsons-CouncilMember

AGAINST the proposal: None

PRESENT and not voting: None

ABSENT: Scott Whisenhunt-Council Member

Joe Dent-Council Member

The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.

The following table compares the taxes imposed on the average residence homestead by TOWN OF DOUBLE OAK last year to the taxes proposed to be imposed on the average residence homestead by TOWN OF DOUBLE OAK this year.

	2020	2021	Change
Total tax rate (per $100 of value)	$0.229210	$0.229210	increase of $0.000000, or 0.00%
Average homestead taxable value	$499,905	$530,203	increase of $30,298, or 6.06%
Tax on average homestead	$1,145.83	$1,215.28	increase of $69.45, or 6.06%
Total tax levy on all properties	$1,181,456	$1,273,110	increase of $91,654, or 7.76%

For assistance with tax calculations, please contact the tax assessor for TOWN OF DOUBLE OAK at tnt@dentoncounty.gov, or visit tax.dentoncounty.gov for more information.