The August 12, 2025, Special City Council Meeting in Wichita Falls, Texas, focused primarily on budget updates and tax rates for the upcoming fiscal year. The meeting began with an overview of the city's financial standing, emphasizing the importance of maintaining low taxes while ensuring fiscal responsibility.

City officials reported a positive update regarding property values, which have reached nearly $8 billion, reflecting a 3.73% increase from previous estimates. This growth provides the city with additional flexibility in budgetary decisions. The five-year average annual growth rate for property values stands at nearly 8%, although this year’s growth is slightly below 4%.

The discussion included key tax reference points as guided by the Texas comptroller. The current tax rate is set at 68.48 cents per $100 of property value for the fiscal year ending September 30, 2025. For the next fiscal year, two significant rates were highlighted: the "no new revenue rate" at 66.2791 cents, which would maintain flat tax revenues, and the "voter approval tax rate" at 70.8873 cents, which would require voter consent for any increase.

City officials clarified that while the proposed budget would raise more taxes, the overall tax rate would be lower than in previous years, with a proposed rate of 68.25 cents. They noted that a 1% change in the tax rate corresponds to approximately $500,000 in property tax revenue, underscoring the financial implications of tax rate adjustments.

The meeting concluded with a commitment to continue monitoring property values and tax rates as the city prepares for the upcoming fiscal year, ensuring that financial decisions remain transparent and accountable to the citizens of Wichita Falls.