Both Midland and Odessa have now unveiled their tax rate proposals. And since last year, we have seen many changes, including a spike in property value caused by the boom. So what does that mean for other cities.
“Well the city of Odessa is not raising the property tax rate. The city of Odessa right now is actually proposing a two cent property tax decrease,” says Andrea Goodson, the public information officer for Odessa.
In Midland, it’s the same story.
“So the proposed rate is 39 cents per $100 of valuation,” says city spokeswoman Elana Ladd. “Now that is actually a decrease from last year’s rate.”
So why in the long run would people be paying more for property taxes if both cities rates are going to be less. The answer: Property Values.
“The property value is increasing because of the economy,” says Goodson. “Therefore, we are getting an increase of revenue in property tax.”
Everywhere you look in the Basin, property values are going up. This is making some places unlivable. Including Kermit, where just last month, a newly hired football coach couldn’t find a place to settle down.
“At that time there was only one house on the market for sale at $225,000,” said Kermit ISD superintendent Denise Shetter in June.
So in the case of where you live, you may see the property tax go down next fiscal year. Unfortunately, you still may be paying more in the long run.
Both cities will give their communities the opportunity to speak their opinion on the proposed tax rate in the upcoming weeks.