The tax rate for the FY 25-26 budget year will be set at the voter approval rate = $0.773667

The rate was adjusted to service the bonds approved by the voters in 2024. Please see the projects page for more information.

Tax Rate Definitions

No-new-revenue rate (NNR)

• Takes last year's levy (revenue) minus lost property levy divided by current total value minus new property values (official definition...)
• What this generally means is the NNR tax rate will generate approximately the same amount of money from last budget year to the new budget year.

Voter-approval tax rate (VAR)

• Takes NNR maintenance & operations tax rate times 1.035 plus current debt plus the unused increment rate (official definition...)
• What this generally means is that this rate should generate an additional 3 1/2% of revenue to fund city operations.

De minimis rate (DRM)

• Provides an additional $500,000 for small cities to use of projects, operations, or needs.

Truth-in-Taxation Worksheet (TNT)

The Truth-in-Taxation worksheet provides the City with the numbers associated with our tax rate for each fiscal year. Staff provide the county with information on our debt, they verify our tax rates for the past several years, and perform the calculations for Rhome. The tax rates are based on a variety of factors: the maintenance & operations (day-to-day costs) and the interest & sinking (debt) numbers, as well as emergency events that may have occurred, the unused increment in the tax rate from the previous three (3) years, etc.

Please feel free to review the worksheet - FY 2025-2026 Truth-in-Taxation Worksheet

Tax Base Information

The City of Rhome has had a slight decrease in our tax base valuation this year of approximately 5%.