Written by Andrielle Figueroa Friday, 30 August 2013 08:24
PEÑITAS—The City of Peñitas is scheduled to hold two public hearings on a proposed tax rate increase. The council is proposing to raise the city tax rate from $0.41 to $0.4345 per $100, increasing the average annual city tax bill by $17.35 to $353.60. The average taxable value of a home in Peñitas has dropped to $81,386 from last year’s $82,012 average valuation.
Peñitas City Manager Oscar Cuellar explained the Hidalgo County Appraisal District holds the responsibility of estimating the taxable value of a property. Last year, the average amount of city taxes paid by a Peñitas homeowner was $336.25.
Cuellar said though the county handles the property appraisals, there is a possibility the property value saw an almost $1,000 drop due to the amount of colonias that were adopted through the city’s annexation. A total of $24 million worth of real estate has been added within the city’s limits.