HomeMy WebLinkAboutItem 04 - Proposed Ad Valorem Tax RateL.L IIS :#„
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: AUGUST 6, 2013
SUBJECT: AD VALOREM TAX RATE
RECOMMENDATION:
A proposal to adopt an Ad Valorem tax rate of $.3425 per $100 valuation at the
September 10, 2013 regular City Council Meeting.
BACKGROUND:
State law requires that when any tax rate that is above the effective tax rate as calculated
by the July 25, 2013 Certified Tax Roll, a governing body must vote to place that tax rate
on a future City Council agenda as an action item.
The proposed rate of $.3425 is above the effective rate of $.339068 per $100 of valuation.
The effective tax rate only allows a jurisdiction to set the rate so that the same amount of
tax from the current year will be collected in the next fiscal year. The current rate is
$.345695.
Staff recommends the approval of the motion to place the rate of $.3425 on a future City
Council agenda.