Ferris city taxes may get lowered

FERRIS – The City of Ferris staff recently informed City Council by applying $642,000 from negotiated operational savings towards the city’s fiscal year 2023 debt payment, it will be able to lower the I&S (Interest & Sinking) tax burden by almost $0.24 per $100.00 value.

Combined with the mandated Senate Bill 2 lowering on the M&O (Maintenance & Operations) side, the city can lower the overall tax rate for fiscal year 2024 by approximately $0.25 or 33% from the current rate according to Ferris City Manager Brooks Williams.

“This will result in a $500 per year savings to the individual taxpayer on a $200,000 home,” Williams said. 

“We understand that rising property values, along with increased costs for providing services, has created an environment for taxpayers where relief is needed when possible.”

To that end, Ferris City Council and staff have worked to create and negotiate efficiencies that directly benefit the taxpayer. 

Williams said city staff does not believe the Certified Values from the Appraisal District will be less than the Preliminary Values of $349,300,000.  

If the Certified Values are higher than the Preliminary Values, the reduction in the tax rate, and subsequent savings, will be more for taxpayers.

As the City of Ferris continues to experience growth from new construction, which is currently at approximately $50,000,000 in value added in fiscal year 2023 in development and continuing to expand, this continues to strengthen the city’s prominence as a key business and economic hub. 

“Ferris’ location in the region provides strategic advantages that combine with impressive infrastructure assets including access to airports, interstate highways, and rail all within an amazingly diverse and resilient economy,” Williams said. “Ferris is in the midst of the largest economic boom in its 140-year history since being incorporated in 1882, and city staff and elected officials are committed to leading a culture of operational efficiency.”

One example of this commitment is the staffing levels within the city, which remain at fiscal year 2016 levels, even with the growth in the city, because of continued improvements to operational capabilities and efficiency. 

“Having the ability to provide these efficiencies, which will result in one of the lowest tax rates in Ellis County, should have a positive impact on our community in fiscal year 2024,” Williams concluded. “While many cities will tout a ‘tax rate reduction’, it is also met with rising property values, hence creating an offset to the decrease, and usually results in taxpayers having a higher tax payment. This reduction, because of the large amount, is true tax relief for our taxpayers.”