HomeMy WebLinkAboutItem 02 - Ad Valorem Tax RateMEM t 21 0000ft
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, ACTING CITY MANAGER tE�
MEETING DATE: SEPTEMBER 13, 2005
SUBJECT: ADOPTION OF THE AD VALOREM TAX RATE
RECOMMENDATION:
Staff recommends that Council consider an ordinance adopting a tax rate of $0.3625 per
$100.00 valuation for fiscal year 2005-2006, apportioned as follows:
for the General Fund, a tax rate of $.128532/$100 value; for Debt Service, a tax rate
of $.233968/$100 value.
BACKGROUND INFORMATION:
The FY 2005-2006 Budget was developed using the following values for tax rate
calculation purposes.
Total Appraised Value $6,223,851,162
Net Taxable Value $4.758,111,949
Taxable Value for Rollback $4,908,829,260
Taxable Value for Effective Rate $4,819,331,298
New Construction $89,497,962
The FY 2005-2006 City Budget includes the General Fund and Debt Service apportions
as noted above.
Staff recommends approval.
WAG/slt
H:AVTXAG2005
September 1, 2005 9:23AM
AN ORDINANCE .OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2005;
LEVYING TAXES FOR THE TAX YEAR 2005 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,
TEXAS:
Section 1. That a tax rate is hereby levied upon all taxable property in the City of
Grapevine, Texas for Tax Year 2005 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 2005, 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 $.128532 is levied.
B. For Debt Service, a tax rate of $.233968 is levied.
I Section 3. Taxes levied by this ordinance shall be due and payable on the first day
of October, 2005 and shall become delinquent on the first day of February, 2006, 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,
2006. '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 4.1h e fact -that the fiscal year begins on October 1, 2005 requires that this
ordinance be 'effective upon its passage and adopted to preserve the public peace,
pro
perty,,health, and safety, and shall be in full force and effect from and after its passage
and adootio,h-, 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, 2005.
ATTEST:
APPROVED AS TO FORM:
ORD. NO, 2