SHERMAN, TX -- A majority of Sherman's City Council voted to move forward with a proposed property tax increase at Monday night's meeting.
The increase of 2.4 cents would bring the tax to 37.2 cents per $100 dollars of valuation.
Meaning residents who own a $100,000 home would pay $24 more dollars a year.
Mayor Cary Wacker says the rate increase would generate $550,000 each year.
Even with the tax hike Wacker says Sherman's rate would still be significantly lower than other peer cities.
Public hearings regarding the tax increase will be held August 18th and September 2nd.