The Orange City Council and City of Economic Development Corporation Board of Directors will learn the proposed budgets for the upcoming fiscal year that starts October 1. Both groups have called special meetings to receive the budgets from the city staff. The EDC board will meet at 8:30 a.m. and the city council will meet at 9 a.m. Both meet in the council auditorium next to the Orange Public Library.
The city council has been holding budget workshops with the city staff during the summer. The council has tentatively agreed to a tax rate of 70.96 cents per $100 valuation. The rate is the effective rate which is calculated to raise the same amount of property tax income as the year before based on new property appraisals.
The council will also get a look at the official property values from the Orange County Appraisal District. The information shows the city has a total property value of about $1.33 billion and $1.06 billion of taxable value.
Homeowners get a 20 percent homestead exemption, meaning they do not pay taxes on the full appraised value. The average market homestead value is $108,147. The average taxable value on homesteads is $86,518. Senior and disabled citizens receive additional homestead exemptions.
The city EDC is financed by a special half-cent sales tax income that voters approved. Use of the special sales tax income is limited by state law.
The city council will set public hearings for the proposed budget and tax rate before voting on the two.
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