HomeMy WebLinkAboutItem 07 - Tax RateMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: SEPTEMBER 4, 2018
SUBJECT: SECOND 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: The proposed ad valorem tax rate of $0.289271 per $100 valuation for
Tax Year 2018 and Fiscal Year 2019 is 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
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 first public hearing was held on August 21, 2018. The City Council
will consider an ordinance adopting the tax rate at the regularly scheduled
meeting on September 18, 2018 at 7:30 pm.