PROPERTY TAX RATE
The City’s Property Tax Rate for 2020 is $.4712 per $100 of assessed value. Therefore, the owner of a $100,000 home would pay City property taxes of $471.20. These taxes are collected by Tammy J. McRae, Montgomery County Tax Assessor/Collector, through an inter-local agreement.
The tax rate is broken down as follows: $.3024 for general maintenance and operations of the City, such as police protection, traffic control, street maintenance, parks and recreation, and general finance and administrative services, and $.1688 for repayment of debt service obligations.
SALES TAX RATE
The sales and use tax rate for the City if 8.25%. The State of Texas receives 6.25% and the City receives 2% of this tax. Of this 2%, 1% is used to support general operations of the City while 1/2% goes to the Oak Ridge North Economic Development Corporation and is designated to make infrastructure improvements to attract economic development to the community and 1/2% is used to decrease the local property tax rate.
HOTEL OCCUPANCY TAX RATE
The hotel occupancy tax rate for the City is 13%. The State of Texas receives 6% and the City receives 7% of this tax. The 7% the City receives is used to promote tourism and the convention and hotel industry within our area.