During the September 14 City Council meeting, Council members unanimously approved a tax rate of .5520 for the upcoming 2021-2022 Fiscal Year. This rate is a decrease from the 2020-2021 approved rate of .56900 and is the lowest property tax rate since 2018. The new rate roughly translates into $40 in annual savings for the average Bedford home value of approximately $240,000.
“It was a joint effort between City Council and staff to reach our mutual goal of lowering the tax rate,” said Bedford Mayor Michael Boyter. “We continue to look for additional opportunities to simultaneously increase City services and programs, while also putting money back in residents’ pockets.”
During the meeting, the Council also unanimously approved the 2021-2022 Fiscal Year budget, which goes into effect October 1. Some of the highlights include:
- New body cameras and in-car cameras for police officers
- Costs associated with a Master Plan update to update the City’s codes and development standards
- Planned street improvement projects (More: www.bedfordtx.gov/streetplan)
- Increased activities and programming for residents
Over the past year, the City Council and staff partnered to find ways to save money by refinancing debt and reorganizing departments. This savings translated into Council being able to incorporate more staff-requested needs into the budget.
“We’re creating a first-class organization, investing in our people, and enhancing our customer service,” Mayor Boyter said. “This budget will help position us to take advantage of future economic development opportunities and prepare us for bringing back a City-wide signature event.”
For more information, please visit www.bedfordtx.gov/budget.