HomeMy WebLinkAboutItem 02 - Ad Valorem Tax Rate ITEM # z
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
/(///FROM: ROGER NELSON, CITY MANAGER
MEETING DATE: SEPTEMBER 14, 2004
SUBJECT: ADOPTION OF THE AD VALOREM TAX RATE
RECOMMENDATION:
Staff recommends Council consider an ordinance adopting a tax rate of $0.3635 per
$100.00 valuation for fiscal year 2004-2005, apportioned as follows:
for the General Fund, a tax rate of $.14156/$100 value; for Debt Service, a tax rate
of $.22194/$100 value.
BACKGROUND INFORMATION:
The FY 2004-2005 Budget was developed using the following values for tax rate
calculation purposes.
Total Appraised Value $5,865,826,852
Net Taxable Value $4,894,958,382
Taxable Value for Rollback $4,888,392,803
Taxable Value for Effective Rate $4,707,249,104
New Construction $ 181,143,699
The FY 2004-2005 City Budget includes the General Fund and Debt Service apportions
as noted above.
Staff recommends approval.
WAG/cjc
H:AVTXAG2004
September 2, 2004 9:34AM
Property Value Summary for Tax Year 2004( FYE 2005)
Total Appraised and Assessed Value 5,865,826,852
Less Ag Deferral &Exemptions (970,868,470)
Net Taxable 4,894,958,382
Less TIF Increment (356,820,257)
4,538,138,125
Plus Protested Value 95,660,522
Plus Values Not Included on Roll 254,594,156
2004 Taxable Value for Rollback 4,888,392,803
Less New Construction (181,143,699)
2004 Taxable Value for Effective Tax Rate 4,707,249,104
Ta*
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2004;
LEVYING TAXES FOR THE TAX YEAR 2004 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 2004 at a rate of thirty-six and six tenths cents ($0.3635)
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 2004, 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 $0.14156 is levied.
B. For Debt Service, a tax rate of $0.22194 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first day
of October, 2004 and shall become delinquent on the first day of February, 2005, 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,
2005. 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, 2004 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 14th day of September, 2004.
APPROVED:
ATTEST:
APPROVED AS TO FORM:
ORD. NO. 2