The City Council Thursday approved an annual budget of about $165 million that calls for nearly 3. 5% less in spending and keeps the Fiscal Year 2026-27 tax rate the same as last year.

While the adopted 58. 5-cent rate per $100 valuation is the same as FY 2025-26, Chief Financial Officer Robert Powers said it is effectively an $88 reduction on average for homeowners.

Home values in Taylor decreased about 5%, from around $294,000 to $279,100, which lowers the average tax bill given no change in rates.