HomeMy WebLinkAboutItem 02 - Ad Valorem Tax RateMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: SEPTEMBER 12, 2006
Staff recommends that Council consider an ordinance adopting a tax rate of $0.3625 per
$100.00 valuation for fiscal year 2006-2007, apportioned as follows:
for the General Fund, a tax rate of $0.115018/$100 value; for Debt Service, a tax
rate of $0.247482/$100 value.
The FY 2006-2007 Budget was developed using the following values for tax rate
calculation purposes.
Total Appraised Value $6,179,102,572
Net Taxable Value 5,230,966,070
Taxable Value for Rollback 4,965,878,456
Taxable Value for Effective Rate 4,870,482,863
New Construction 95,395,593
The FY 2006-2007 City Budget includes the General Fund and Debt Service apportions
as noted above.
Staff recommends approval.
WAG/slt
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2006;
LEVYING TAXES FOR THE TAX YEAR 2006 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,
Section 1. That a tax rate is hereby levied upon all taxable property in the City of
Grapevine, Texas for Tax Year 2006 at a rate of thirty-six and twenty-five one hundredths
cents ($0.3625) 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 2006, 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 $0.115018 is levied.
B. For Debt Service, a tax rate of $0.247482 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first
day of October, 2006 and shall become delinquent on the first day of February, 2007, 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, 2007. 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, 2006 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 12th day of September, 2006.
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ATTEST:
APPROVED AS TO FORM:
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