By Scott Harvey
Commerce – The City of Commerce will soon be making changes to the city's tax rate. However, that change could benefit some citizens.
The Commerce City Council Tuesday night agreed upon a tax rate decrease of about 2 cents per $100 valuation.
By law, the city will hold two public hearings before the rate becomes effective. That's because the proposed tax rate exceeds either the rollback or effective rate, in this case, the effective rate. The current tax rate for the city is approximately 76 cents per $100 valuation.
According to Director of Administrative Services Marc Clayton, the reason for the decrease stems from the increased value of appraised property in Hunt County.
A citizen's individual taxes may decrease, but could also increase or stay the same, depending on the change in the taxable value of their property in relation to the change in taxable value of all other property.
Public hearings for the proposed rate change will be held August 19 and September 2 as part of the Commerce City Council's regularly scheduled meetings.