HomeMy WebLinkAboutItem 02 - Ad Valorem Tax Rate ITEM • Z
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: ROGER NELSON, CITY MANAGER
MEETING DATE: SEPTEMBER 9, 2003
SUBJECT: ADOPTION OF THE AD VALOREM TAX RATE
RECOMMENDATION:
Staff recommends Council consider an ordinance adopting a tax rate of $0.366 per
$100.00 valuation for fiscal year 2003-2004, apportioned as follows:
for the General Fund, a tax rate of$0.12370/$100 value; for Debt Service, a tax rate
of$0.24230/$100 value.
BACKGROUND INFORMATION:
The FY 2003-2004 Budget was developed and completed using the certified tax roll having
a total appraised value of $5,608,734,421, less exemptions of $990,658,585 for a net
taxable value of $4,618,075,836. This value was further adjusted according to law by
adding an additional $137,280,773 of estimated value pending disposition before the
appraised review board and $159,166,608 of value of properties classified as incomplete
and not on the roll. For effective tax rate calculations, this value was further adjusted by
subtracting $143,486,011 for value of new construction, resulting in an adjusted tax roll
value of$4,771,037,206.
The FY 2003-2004 City Budget includes the General Fund and Debt Service apportions
as noted above.
Staff recommends approval.
WAG/cjc
H:AVTXAG2003
August 5, 2003 4:52PM
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2003;
LEVYING TAXES FOR THE TAX YEAR 2003 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
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 2003 at a rate of thirty-six and six tenths cents ($0.366) 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 2003, 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 $0.12370 is levied.
B. For Debt Service, a tax rate of$0.24230 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first day
of October, 2003 and shall become delinquent on the first day of February, 2004, 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,
2004. 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, 2003 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 9th day of September, 2003.
APPROVED:
ATTEST:
APPROVED AS TO FORM:
ORD. NO. 2