HomeMy WebLinkAboutItem 09 - Ad Valorem Tax RateAdoption of Ad Valorem Tax Rate
The ordinance must also include the following language in type similar to the above.
• ` '� 11 111 • C � •••• • •, .;
A copy of the proposed ordinance is attached.
The Council has held two public hearings on the proposed tax rate on August 28, 2007 and
September 11, 2007 as required by law.
Staff recommends approval.
WAG/sit
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2007;
LEVYING TAXES FOR THE TAX YEAR 2007 TO BE
ASSESSED ON ALL TAXABLE PROPERTY WITHIN THE
LIMITS OF THE CITY OF GRAPEVINE, TEXAS; PROVIDING
PENALTIES AND INTEREST FOR THE DELINQUENT
TAXES; DECLARING AN EMERGENCY AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, THE City Council of Grapevine, Texas has approved an operating
budget for the fiscal year 2007-2008 (FY 2008), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and
WHEREAS, public hearings were held on the FY 2008 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 $0.3625 per $100 valuation has been
considered for tax year 2007; and
WHEREAS, the tax rate of $0.3625 exceeds the calculated effective tax rate of
$0.3494; and
WHEREAS, this tax rate will raise more taxes for maintenance and operations than
last year's tax rate; and
WHEREAS, the tax rate will raise taxes for maintenance and operations on a
$100,000 home by approximately $12.48.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1. That a tax rate is hereby levied upon all taxable property in the City of
Grapevine, Texas for Tax Year 2007 at a rate of thirty-six and twenty-five one hundredths
cents ($0.3625) 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/Collector and
collected for Tax Year 2007, 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 $0.1275 per $100 is levied.
B. For Debt Service, a tax rate of $0.2350 per $100 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first
day of October, 2007 and shall become delinquent on the first day of February, 2008, 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, 2008. 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. The fact that the fiscal year begins on October 1, 2007 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 18th day of September, 2007.
ORD. NO. 2