The Peñitas City Council voted to keep the current property tax rate on Monday.
Mayor Rodrigo “Rigo” Lopez and the City Council voted 3-0 to keep the property tax rate at 55.62 cents per $100 of taxable assessed valuation.
“Obviously as the city grows and we develop, what we want is the new revenue from the new development to come in to pay for more police officers, pay for street improvements, pay for other things,” said City Manager Omar Romero. “So, in order to keep our revenue growing, the proposal from administration is to keep last year’s tax rate.”
Lopez, City Councilman J.R. Flores and City Councilman Felipe Quintanilla approved the tax rate. City Councilman Alex Guajardo and City Councilman Ramiro Loya didn’t attend the meeting.
The average single-family home in Peñitas has a taxable valuation of $113,320, according to the Appraisal District. With a tax rate of 55.62 cents, the owner will pay about $630 to the city.
While the property tax rate will remain the same, Peñitas will collect more revenue thanks to higher property valuations.
The net taxable value of property in Peñitas — the total market value minus exemptions — jumped from about $241 million in 2020 to nearly $247 million in 2021, according to reports published by the Hidalgo County Appraisal District.