HomeMy WebLinkAboutItem 3 - Ad Valorem Tax RateMEMO TO: HONORABLE MAYOROF •
FROM: •' RUMBELOW,5.
RECOMMENDATION:
City Council to consider an ordinance adopting an ad valorem tax rate $0.332439 per $100
valuation for fiscal year 2014-2015 (FY 2015) apportioned as follows:
For the General Fund, a tax rate of $0.127413 per $100 value;
For Debt Service, a tax rate of $0.205026 per $100 value.
The FY 2015 budget was developed using the following values for tax rate calculation
purposes:
Total market value $10,409,573,943
Net taxable value $ 6,593,129,832
Taxable value for rollback $ 6,100,654,098
Taxable value for effective rate $ 6,100,654,098
New construction $ 83,943,168
The FY 2014-2015 budget includes the General Fund and Debt Service apportions of the
taxes as noted above.
The proposed tax rate of $0.332439 is equivalent to the calculated effective tax rate.
A copy of the proposed Ordinance is attached.
Staff recommends approval.
WHEREAS, the City Council of Grapevine, Texas has approved an operating
budget for the fiscal year 2014-2015 (FY2015), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and
WHEREAS, public hearings were held on the FY2015 budget and all interested
parties were given an opportunity to be heard for or against any item contained therein;
and
WHEREAS, an ad valorem tax rate of $0.332439 per $100 valuation has been
considered for tax year 2014,
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
GRAPEVINE, TEXAS:
Section 1. That a tax rate is hereby levied upon all taxable property in the City of
Grapevine, Texas for tax year 2014 at a rate of thirty-three twenty-four thirty-nine hundreds
cents ($0.332439) per one hundred dollars ($100.00) valuation
Section 2. That there shall be and there is hereby levied the following taxes on each
one hundred dollars ($100.00) valuation on all taxable property within the City of
Grapevine, Texas, to be assessed and collected by the Tax Assessor/Col lector and
collected for tax year 2014, and said taxes are to be assessed and collected for the
purposes and in the amounts hereinafter stipulated, to -wit:
A. For the General Fund, a tax rate of $0.127413 per $100 is levied.
B. For Debt Service, a tax rate of $0.205026 per $100 is levied.
Section 3. That taxes levied by this ordinance shall be due and payable on the first
day of October, 2014 and shall become delinquent on the first day of February, 2015, if
unpaid. Upon taxes becoming delinquent, interest and penalty will be added as required in
Section 33.01 of the Texas Property Tax Code, and shall commence on the first day of
February, 2015. The City of Grapevine is hereby authorized to adopt any and all legal
remedies provided by the Texas Property Tax Code for the purpose of collecting delinquent
taxes.
Section 4. That the fact that the fiscal year begins on October 1, 2014 requires that
this ordinance be effective upon its passage and adopted to preserve the public peace,
property, health, and safety, and shall be in full force and effect from and after its passage
and adoption, and an emergency is hereby declared.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, on this the 10th day of September, 2014.
sage -
ATTEST:
ORD. NO. 2