Speak now: First Bellaire public hearing tonight on raising taxes
Bellaire residents will have the first of two chances tonight (Monday, Oct. 2) to speak up on a proposal that would raise property taxes 8.81 percent in the coming fiscal year.
City Council will conduct the public hearing at 6 p.m. in Council Chambers at City Hall, 7008 S. Rice Ave. The second public hearing will take place at the same time, same place on Oct. 9.
Because the proposed tax rate of $0.4159 for each $100 of assessed property value, which council adopted Sept. 18, reaches the level of the state mandate for public review, the council must hold two public hearings before formally approving the assessment.
According to the presentation compiled by Terrence Beaman, Bellaire’s chief financial officer, the proposed tax rate — up from $0.3864 this year — would raise $20,216,531 in revenue, an increase of $1,648,521 over the current rate.
Property taxes account for 63 percent of the revenue for the $20.78 million general fund budget, with sales tax rebates from the state, and local fees and fines accounting for the remainder.
The formula to calculate an individual Bellaire property tax bill is to multiply the rate by the taxable value of your property/100. Property values are available at hcad.org.