HomeMy WebLinkAboutItem 02 - Ad Valorem Tax RateMEMO TO:
FROM:
MEETING DATE:
SUBJECT
RECOMMENDATION:
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
BRUNO RUMBELOW, CITY MANAGER
SEPTEMBER 13, 2011
ADOPTION OF AD VALOREM "AX RATE
City Council to consider an ordinance adopting an ad valorem tax rate $0.3480 per $100
valuation for fiscal year 2011 -2012 (FY 2012) apportioned as follows:
For the General Fund, a tax rate of $0.142312 per $100 value;
For Debt Service, a tax rate of $0.205688 per $100 value.
BACKGROUND:
The FY 2012 budget was developed using the following values for tax rate calculation
purposes:
Total market value $9,117,376,099
Net taxable value $5,912,257,208
Taxable value for rollback $5,661,541,588
Taxable value for effective rate $5,604,082,548
New construction $ 57,459,040
The FY 2011/2012 budget includes the General Fund and Debt Service apportions of the
taxes as noted above.
The proposed tax rate of $0.3480 is equivalent to the calculated effective tax rate.
A copy of the proposed Ordinance is attached.
Staff recommends approval.
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2011
LEVYING TAXES FOR THE TAX YEAR 2011 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
WHEREAS, THE City Council of Grapevine, Texas has approved an operating
budget for the fiscal year 2011 -2012 (FY 2012), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and,
WHEREAS, public hearings were held on the FY 2012 budget and all interested
parties were given an opportunity to be heard for or against any item contained therein;
and,
WHEREAS, an ad valorem tax rate of $0.3480 per $100 valuation has been
considered for tax year 2011.
NOW, THEREFORE, 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 2011 at a rate of thirty -four and eight .thousandth cents
($0.3480) 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 2011, 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 $0.142312 per $100 is levied.
B. For. Debt Service, a tax rate of $0.205688 per $100 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first day
of October, 2011 and shall become delinquent on the first day of February, 2012, 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,
2012. 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, 2011 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 13th day of September, 2011.
APPROVED:
ATTEST:
APPROVED AS TO FORM:
ORD. NO. 2