HomeMy WebLinkAboutItem 01 - Ad Valerom Tax RateTruth in Taxation requirements for tax rate and budget approval
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Notice of Public Hearing on Tax Increass
The City of Grapevine will hold a public hearing on a proposal to increase total tax revenues from properties on the
tax roll in the preceding tax year by 5.09 percent (percentage by which proposed tax rate exceeds lower of rollback
tax rate or effective tax calculated under Chapter 26, Tax Code). Your individual taxes may increase at a greater
or lesser rate, or even decrease, depending on the change in the taxable value of your property in relation to the
change in taxable value of all other property and the tax rate that is adopted.
The public hearing will be held on August 28, 2007 at 5:00 PM and September 11, 2007 at 5:00 PM at 200 South
Main Street, Grapevine, Texas.
The members of the governing body voted on the proposal to consider the tax increase as follows:
FOR:
AGAINST:
PRESENT and not
voting:
ABSENT:
Comparison of Proposed Budget with Last Year's Budget
The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal
year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of
the following expenditure categories:
Maintenance and operations 6.56% increase
Debt service 0.57% increase
Total expenditures 5.27% increase
Total Appraised Value and Total Taxable Value
as calculated under section 26.04, Tax Code
Preceding Tax Year Current Tax Year
Total appraised value* of all property $6,179,102,572 $6,889,639,004
Total appraised value* of new property** $95,395,593 $96,222,591
Total taxable value*** of all property $5,230,966,070 $5,815,838,701
Total taxable value*** of new property** $95,395,593 $78,232,086
Bonded Indebtedness
Total amount of outstanding and unpaid bonded indebtedness $138,791,365
Tax Rates
Adopted tax rate for the preceding tax year $0.362500 per $100 in value
Proposed tax rate for the current tax year $0.362500 per $100 in value
Difference in the proposed tax rate and the adopted tax rate for the preceding tax year $0.000000 per $100 in value
Percentage increase or decrease in the proposed tax rate and the adopted tax rate 0.00 % Increase
for the preceding tax year
These tax rate figures are not adjusted for changes in the taxable value of property.
Comparison of Residence Homestead Values
Average appraised and taxable values on residence homesteads are compared from the preceding tax year and the current
tax vear.
Preceding Tax Year
Current Tax Year
Average residence homestead appraised value
$194,047
$203,854
Homestead exemption amount for the taxing unit
$38,809
$40,770
(excluding special exemptions for persons 65 years of age or older or disabled)
Average taxable value of a residence homestead
$155,238
$163,084
(excluding special exemptions for persons 65 years of age or older or disabled)
Comparison of Residence Homestead Taxes
The taxes that would have been imposed in the preceding tax year on a residence homestead at the average appraised
value (excluding special exemptions for persons 65 years of age or older or disabled) are estimated to be $562.74.
The taxes that would be imposed in the current tax year on a residence homestead appraised at the average appraised
value in the current tax year (excluding special exemptions for persons 65 years of age or older or disabled), if the
proposed tax rate is adopted, are estimated to be $591.18. The difference between the amount of taxes on the
average residence homestead in the current tax year, if the proposed tax rate is adopted, and the preceding tax year
would be an increase of $28.44 in taxes.
* "Appraised value" is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code.
** "New property" is defined by Section 26.012(17), Tax Code.
*** "Taxable value" is defined by Section 1.04(10), Tax Code.
2007 Property Tax Rates in City of Grapevine
This notice concerns 2007 property tax rates for City of Grapevine. It
presents information about three tax rates. Last year's tax rate is the actual
rate the taxing unit used to determine property taxes last year. This year's
effective tax rate would impose the same total taxes as last year if you
compare properties taxed in both years. This years rollback tax rate is the
highest tax rate the taxing unit can set before taxpayers can start tax
rollback procedures. In each case these rates are found by dividing the
total amount of taxes by the tax base (the total value of taxable property)
with adjustments as required by state law. The rates are given per $100 of
property value.
Last year's tax rate:
$5,320,674,153
Last year's operating taxes
$6,303,095
Last year's debt taxes
$13,562,248
Last year's total taxes
$19,865,343
Last year's tax base
$5,480,094,621
Last year's total tax rate
0.362500 /$100
This year's effective tax rate:
Last year's adjusted taxes
$18,353,153
(after subtracting taxes on lost property)
This year's adjusted tax base
$5,320,674,153
(after subtracting value of new property)
= This year's effective tax rate
0.344940 /$100
(Maximum rate unless unit publishes notices and
holds hearings.)
This year's rollback tax rate:
Last year's adjusted operating taxes (after
$6,288,539
subtracting taxes on lost property and
adjusting for any transferred function, tax
increment financing, and/or enhanced
indigent health care expenditures)
This year's adjusted tax base
$5,320,674,153
= This year's effective operating rate
0.118191 /$100
x 1.08 = this year's maximum operating rat
0.127646 /$100
+ This year's debt rate
0.235000 /$100
= This year's total rollback rate
0.362646 /$100
Statement of Increase/Decrease
If City of Grapevine adopts a 2007 tax rate equal to the effective tax rate of
$0.344940 per $100 of value, taxes would decrease compared to 2006
taxes by $1,242,356.
Schedule A - Unencumbered Fund Balances
The following estimated balances will be left in the unit's property tax
accounts at the end of the fiscal year. These balances are not encumbered
by a corresponding debt obligation.
Type of Property Tax Fund Balance
General Fund $6,595,000
Debt Service $3,233,000
Schedule B - 2007 Debt Service
The unit plans to pay the following amounts for long-term debts that are
secured by property taxes. These amounts will be paid from property tax
revenues (or additional sales tax revenues, if applicable).
Principal or Interest to be
Contract Payment Paid from Other
Description to be Paid from Property Amounts Total
of Debt Property Taxes Taxes to be Paid Payment
1999 GO/Refunding $2,755,000 $197,247 $0
$2,952,247
2000 General $350,000 $122,585 $0
$472,585
Obligation
2000A General $280,000 $98,810 $0
$378,810
Obligation
2000A CO $260,000 $75,030 $0
$335,030
CO 2000 $600,000 $97,125 $0
$697,125
2002 Tax Note $245,259 $16,787 $0
$262,046
2002 General $255,000 $258,051 $0
$513,051
Obligation
2003 GO/Refunding $1,635,000 $344,400 $0
$1,979,400
2003 CO $245,000 $45,019 $o
$290,019
2004 GO/Refunding $35,000 $274,075 $0
$309,075
2005 Equipment CO $440,000 $79,238 $o
$519,238
2005 GO/Refunding $105,000 $249,222 $0
$354,222
2006 General $170,000 $238,138 $0
$408,138
Obligation
2006 Equipment CO $730,000 $113,325 $0
$843,325
2007 Tax Note $425,000 $120,456 $0
$545,456
2005A Obligation to $0 $902,521 $0
$902,521
CO/ TIRZ
Refunding
1996 Obligation to $0 $918,142 $0
$918,142
CO/TIRZ
Paying Agent $0 $0 $7,000
$7,000
Total Required for 2007 Debt Service
$12,687,430
Amount (if any) paid from fonds listed in Schedule A
$o
Amount (if any) paid from other resources
$0
Excess collections last year
$o
= Total to be paid from taxes in 2007
$12,687,430
+ Amount added in anticipation that the unit will
$o
collect only 100.00% of its taxes in 2007
= Total Debt Levy
$12;687,430
This notice contains a summary of actual effective and rollback tax rates'
calculations. You can inspect a copy of the full calculations at 3072 Mustang
Drive, Grapevine, Texas 76051.
Name of person preparing this notice: Colette Franklin, RTA
Title: Tax Assessor -Collector
Date Prepared: August 1, 2007