Electra Property Value Down, Tax Rate Going Up - Newschannel 6 Now | Wichita Falls, TX

Electra Property Value Down, Tax Rate Going Up

Electra Property Value Down, Tax Rate Going Up

Electra residents will soon be paying higher property taxes even though the majority of the property values in town has gone down.

The appraisal district recently downgraded Electra property values by as much as $2.5 million dollars. Because of that downgrade in value Electra revenue would suffer a loss too; about $18,563.

Tuesday night Electra city leaders voted to approve a two cent property tax rate increase for the upcoming year. Come October Electra residents will now be paying $0.65 per $100 of property value as opposed to the previous $0.63.

"The state law requires us to conduct public hearings if we are increasing our tax revenue the city of Electra is not doing that. We are raising the tax rate we are just not raising any additional tax revenue," said Mike Price Electra City Administrator.

Price said that if the town did not raise the rates then city programs and services would have to be cut from the town budget. Price said that Electra still owes nearly $300 thousand dollars to Wichita County, for patrols between 2013-2014. Price said that the property rate increase are set to go into effect beginning in October of this year.

Jack Carney, Newschannel6

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