Notice of Tax Rates

Notice about 2023 Tax Rates

Property tax rates in City of Magnolia.
This notice concerns the 2023 property tax rates for City of Magnolia. This notice provides information about two tax rates used in adopting the current tax year's tax rate. The no-new-revenue tax rate would Impose the same amount of taxes as last year if you compare properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.

This year's no-new-revenue tax rate                            $0.3314/$100
This year's voter-approval tax rate                              $0.2948/$100

Unencumbered Fund Balance
The following estimated balances will be left in the taxing unit's accounts at the end of the fiscal year. These balances are not encumbered by corresponding debt obligation.

Type of Fund


2014 General Obligation Refunding Bond105,054
2014 Certificates of Obligation49
2011 State Infrastructure Bank Loan165,677
General Operating Fund2,457,982                                                                  


Description of DebtPrincipal or Contract Payment to be Paid from Property TaxesInterest to be Paid from Property TaxesOther Amounts to be PaidTotal Payment
2014 General Obligation330,000111,750500442,250
2014 Certificate of Obligation125,000163,088750288,838
2011 State Infrastructure Bank Loan153,45111,6460165,097
2017 State Infrastructure Bank Loan50,76215,332066,094
2021 Tax & Revenue Certificates of Obligation650,000192,861500843,361
2021 State Infrastructure Bank Loan60,1261,678061,804
2022 State Infrastructure Bank Loan174,23135,371 209,602
2022 Tax & Revenue Certificates of Obligation325,000811,9505001,137,450
Total required for 2023 debt service$3,214,496                                                                    
Amount (if any) paid from funds listed in unencumbered funds$1,961,897
Amount (if any) paid from other resources$0
Excess collections last year$0
Total to be paid from taxes in 2023$1,252,599
Amount added in anticipation that the unit will collect only 99.46% of its taxes in 2023$6,800
Total debt levy$1,259,399


This notice contains a summary of actual no-new-revenue and voter-approval calculations as certified by Tammy McRae, Montgomery County Tax Assessor-Collector on 07/26/2023.

Visit to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property.

The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.

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