Several important items were discussed Tuesday evening at the Sulphur Springs City Council meeting including bids for materials needed to complete capital improvement projects around the city, proclaiming National Small Business Week and discussion of the Residential Homestead Tax Exemption.
The residential homestead tax exemption was originally presented by Finance Director and assistant city manager Lesa Smith at the April city council meeting where she shared that after Senate Bill 2 was passed in 2019, cities are prevented from growing their property tax revenue, excluding new construction, by more than 3.5% in a single year.
Smith also shared that this cap caused the city to reduce the tax rate from $0.44/$100 to $.042692/$100. By reducing that rate, Smith shares that she estimates the city was unable to receive $160,610 in tax revenue without holding an election.
A homestead exemption is simply a tax credit for an owner-occupied residential property that would reduce the taxing value on a home by a percentage set by a governing body, or the Sulphur Springs City Council.
The theme for National Small Business Week 2022 is “Building a Better America through Entrepreneurship and will take place May 2 through May 7 with the aim of honoring entrepreneurs that have brought new ideas to life and help grow the city’s economy.
In 1953, the Federal Government created the Small Business Administration to help and counsel small business owners to enable them to prosper and grow into sustainable businesses.
In 1963, the first National Small Business Week was celebrated to honor the top entrepreneurs in the every state with awards and special recognition.
After this celebration, the week became an annual practice to encourage other small business owners and enable them to learn from the success of other business owners and to emulate the same practices that helped them to succeed.
Since that first celebration, the U.S. Small Business Administration has continued to aid and counsel small business to help them flourish, leading to an annual increase in the number of small businesses in the country.
Ways that everyone can celebrate small business is to shop small, shop local, get active on social media ordering online and telling others about these small businesses.
The council will also be considering bids for the supply of water and sewer materials for College Street, Holiday Drive and Alabama Street Capital Improvement Projects; consideration of Airport Ground lease agreements; a preliminary plat for Oak National development submitted by James Webb that consists of 278 acres which will be divided into 1,159 single family lots with 11 common areas; and a property rezoning request for 1120 Church Street to be converted from multi-family to heavy commercial.
Look for Saturday’s edition for more information about these agenda items and the city manager’s report.