HomeMy WebLinkAboutItem 02 - Ad Valorem Tax RateMEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER .
MEETING DATE: SEPTEMBER 10, 2013
City Council to consider an ordinance adopting an ad valorem tax rate $0.3425 per $100
valuation for fiscal year 2013 -2014 (FY 2014) apportioned as follows:
For the General Fund, a tax rate of $0.13144 per $100 value;
For Debt Service, a tax rate of $0.21106 per $100 value.
BACKGROUND:
The FY 2013 budget was developed using the following values for tax rate calculation
purposes:
Total 2013 Taxable Market Value $5,720,127,334
Net 2013 Adjusted Taxable Value $5,900,386,986
Taxable value for rollback $5,876,456,594
Taxable value for effective rate $5,876,456,594
New construction /personal property $ 23,930,392
The FY 2013/2014 budget includes the General Fund and Debt Service apportions of the
taxes as noted above.
The proposed tax rate of $0.3425 is $.003432 higher per $100 than the calculated effective
tax rate of .339068.
A copy of the proposed ordinance is attached.
Staff recommends that the property tax rate be increased by the adoption of a tax rate
of $3425, which is effectively a 1.01 % percent increase in the tax rate."
ORDINANCE NO.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, SETTING THE ANNUAL TAX RATE
FOR TAX YEAR 2013 LEVYING TAXES FOR THE TAX YEAR
2013 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 2013 -2014 (FY2014), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and
WHEREAS, public hearings were held on the FY2014 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 $0.3425 per $100 valuation has been
considered for tax year 2013.
ROW, THEREFORE, ORDAINED BY • '' OF 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 2013 at a rate of thirty -four twenty -five thousandths cents
($0.3425) per one hundred dollars ($100.00) valuation. As required by Tax Code
§26.05(b)(1), THIS TAX RATE WILL RAISE MORE TAXES FOR
MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX RATE. THE
TAX RATE WILL EFFECTIVELY BE RAISED BY 1.01 PERCENT AND WILL
RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000
HOME BY APPROXIMATELY $3.43.
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 2013, 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 $0.13144 per $100 is levied.
B. For Debt Service, a tax rate of $0.21106 per $100 is levied.
Section 3. That taxes levied by this ordinance shall be due and payable on the first
day of October, 2013 and shall become delinquent on the first day of February, 2014, 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, 2014. 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. That the fact that the fiscal year begins on October 1, 2013 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 10th day of September, 2013.
ATTEST:
ORD. NO. 2