Tax season brings a critical moment of truth for residents in the City of Mesquite as the 2024 property tax rates have been announced. Homeowners and property investors need to pay close attention to the latest figures that determine how much they will be contributing to the city coffers. According to the City of Mesquite, the rates are structured around two key figures: the no-new-revenue tax rate and the voter-approval tax rate.
The no-new-revenue tax rate is pegged at $0.655163 per $100 of property value. Simply put, this rate would yield the same total tax revenue as the previous year for properties taxed in both years, despite any changes in individual assessments or area development. The voter-approval tax rate, which can be adopted without an election, stands slightly higher at $0.693966 per $100 of property value.
Moving from rates to reserves, the City of Mesquite reports a substantial unencumbered fund balance. The General Fund boasts approximately $34.8 million, while the Debt Service holds $3.65 million. These amounts are not straddled by corresponding debt, offering some flexibility in financial maneuvering.
Regarding the city's debts, Mesquite is slated to fork out $34,919,654 for 2024 obligations. These debts will be serviced by property tax revenues and, if applicable, additional sales tax revenues. However, none of the unencumbered funds will be used for this purpose, meaning the full payment must come from other resources and tax collections.
The city accounts have been meticulously calculated, anticipating that 100% of the taxes will be collected in 2024. With additional income factored in, such as excess collections from the previous year totaling nearly $2.93 million, and other resources amounting to over $6.24 million, the total to be recouped from taxes in 2024 amounts to about $25.75 million, according to the City of Mesquite.
