The rate is 1.9 percent lower than last year's effective rate of 69.96 cents. The effective tax rate is a calculated value that would bring in the same amount of revenue as the prior year ($432.312).
The lower rate is possible because of an increase of $1,741,950 in net taxable values. This year's net taxable value is $63,537,920. Last year's net taxable value was $61,795,970.
The rollback rate, which is the highest that a taxing entity can raise the tax rate without the possibility of a rate recall election is 73.49 cents. That rate would generate an additional $34,615 in revenues and would constitute a tax increase of eight percent.
More on this story coming to mySouTex.com.