HomeMy WebLinkAboutItem 10 - Certified Tax RollMEMO TO
FROM
MEETING DATE:
SUBJECT
RECOMMENDATION:
ifiEl1I o ,,.10 --
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
ROGER NELSON, CITY MANAGER ML/
AUGUST 17, 2004
RESOLUTION TO ACCEPT THE CERTIFIED TAX ROLL
Staff recommends that the City Council approve a Resolution to accept the Certified Tax
Roll having a total appraised value of $5,865,826,852 with exemptions of $970,868,470
for a net taxable value of $4,894,958,382.
BACKGROUND INFORMATION:
This Resolution is provided pursuant to Section 26.04 of the Texas Property Tax Code
which requires the assessor for a taxing unit to submit the total appraised value, the total
assessed value and the total taxable value of the property within the unit's boundaries to
the unit's governing body by August 1 st or as soon thereafter as practicable.
Colette Sooter, Tax Assessor, has submitted this information to the City and has also
certified that the estimated tax collection rate for the tax year 2004 is 100%. As prescribed
by law, the appraised value from the certified roll of $5,865,826,852, less $970,868,470 in
exemptions, produces a net taxable value of $4,894,958,382. The new construction value
included in the net taxable value amount is $181,143,699.
The adjusted taxable value for 2004, which consists of the total appraised value, including
minimum values pending before the Appraisal Review Board and properties not on the tax
roll, less new construction is $4,707,249,104. This compares to $4,942,639,487 for last
year, a 4.76% decrease. The adjusted taxable value is used for effective tax rate
calculations.
The effective tax rate (that rate which will produce the same revenue as last year's rate of
$0.3660) is $0.364392. The effective tax rate is calculated using the adjusted taxable
value. The rollback rate calculation is $0.366013.
The Property Tax Code requires the City Council to hold a tax rate hearing if the total tax
levy exceeds the lower of the rollback rate or 103% of the effective rate. The proposed
rate of $0.3660 does not exceed 103% of the effective tax rate.
Staff recommends approval of the Resolution accepting the tax roll.
WAG/cjc
Kagm2004taxoll
August 11, 2004 1:54PM
r5l) RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS APPROVING THE TAX ROLL FOR
2004 ON PROPERTY WITHIN THE CITY; AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, on July 26, 2004, the Chief Appraiser of the Tarrant Appraisal
District approved and certified to the Grapevine City Council the Tax Roll for 2004
with a total appraised value $5,865,828,852.00 and having a net taxable value of
$4,894,958,382.00.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section 1. That all matters stated in the preamble are true and correct and
are incorporated herein as if copied in their entirety.
Section 2. That the certified Tax Roll value for the year 2004 for the City of
Grapevine, Texas be and hereby approved in the amount of $5,865,826,852.00 for
total appraised value.
Section 3. That the certified net taxable value (total appraised value less
exemptions) of $4,894,958,382.00 is approved.
Section 4. That In addition to the value shown in Section 3 above, the Chief
Appraiser has prepared a list of all properties pending disposition before the
Appraisal Review Board. A projected minimum value of $95,660,522.00 has been
assigned to this property and $254,594,156.00 in properties not on the roll.
Section 5. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 17th day of August, 2004.
� �* R
ATTEST:
a%=*7l9plM"o