Elgin approves budget, tax rate Posted in: News Elgin’s budget and property tax rate are set for next yearOn Sept. 27, the Elgin City Council unanimously approved and adopted the 2022-23 city budget and ad valorem tax rate following its last public hearing last week. The tax rate is 54.46 cents per $100 valuation, down from this past year’s rate of 58.9977 cents.“This year’s budget is predicated on the reduced tax rate,” said City Manager Thomas Mattis. “This is the second year in a row that we’ve cut the tax rate and for the last two years, we’ve cut our property tax rate by 17%.”The No New Revenue tax rate was 49.2225 cents ...PLEASE LOG IN FOR PREMIUM CONTENT. Our website requires visitors to log in to view the best local news. Not yet a subscriber? Subscribe today!