HomeMy WebLinkAboutItem 05 - Tax Increase Public HearingMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: AUGUST 21, 2018
SUBJECT: FIRST PUBLIC HEARING ON AD VALOREM TAX RATE
RECOMMENDATION: That the City Council conduct a public hearing on the proposed ad
valorem tax rate of $0.289271 per $100 valuation for tax year 2018 and
Fiscal Year 2019.
FUNDING SOURCE:
BACKGROUND: Pursuant to the Texas Tax Code, Section 26.05 (d), a municipal
government must hold two public hearings when considering the adoption
of a tax rate other than the effective tax rate.
The tax rate shall be apportioned as follows:
For the General Fund, a tax rate of $0.130614 per $100 value;
For Debt Service, a tax rate of $0.158657 per $100 value.
The second public hearing will be held during the regular City Council
meeting on September 4, 2018 at 7:30 pm. The City Council will consider
an ordinance adopting the tax rate at the regular City Council meeting on
September 18, 2018 at 7:30 pm.