Denton has proposed a city budget 20% higher than this year’s along with a property tax increase.
Public hearings will take place Sept. 10, before the council votes on the budget at the Sept. 17 meeting.
The proposed tax rate for 2024-25 is 58.5420 cents per $100 property valuation, up from the current city tax rate of 56.0682 cents.
City staff noted that the proposed increase is under the rate that would require voter approval, 60.4748 cents per $100 valuation.
If the rate is approved, the owner of an average-valued home will see the city portion of their property tax bill increase $291, from an estimated $1,933 in 2024 to $2,224 in 2025, according to a city presentation. Those estimates are based on the average residential value, which is projected to increase to $379,836 in 2025, up from $344,642 this year.
The proposed 2024-25 budget is $2.35 billion, a 20.26% increase from the previous year. Staff said Denton’s budget is increasing in part because of cost of living adjustments, new hires and rising health care costs.