HomeMy WebLinkAboutItem 04 - Certified Tax RollITEM it
MEMO TO: HONORABLE MAYOR AND MEMBERS OF HE CITY COUNCIL
FROM: ROGER NELSON, CITY MANAGER
MEETING DATE: AUGUST 19, 2003
SUBJECT: RESOLUTION TO ACCEPT THE CERTIFIED TAX ROLL
RECOMMENDATION:
Staff recommends that the City Council approve a Resolution to accept the Certified Tax
Roll having a total appraised value of $5,608,734,421 with exemptions of $990,658,585
for a net taxable value of $4,618,075,836 plus an additional $137,280,773 in estimated
minimum property value pending disposition before the Appraisal Review Board and
$159,166,608 in properties not on roll, less $143,486,011 of new construction, for an
adjusted tax roll value of $4,771,037,206.
BACKGROUND INFORMATION:
This Resolution is provided pursuant to Section 26.04 of the Texas Property Tax Code
which requires the assessor for a taxing unit to submit the total appraised value, the total
assessed value and the total taxable value of the property within the unit's boundaries to
the unit's governing body by August V or as soon thereafter as practicable.
Colette Sooter, Tax Assessor, has submitted this information to the City and has also
certified that the estimated tax collection rate for the tax year 2003 is 100%. As prescribed
by law, the effective and rollback tax rates have been calculated using an appraised value
from the certified roll, $5,608,734,421, less $990,658,585 in exemptions for a net taxable
value of $4,618,075,836 plus the estimated minimum value of all properties pending
disposition before the Appraisal Review Board of $137,280,773 and plus $159,166,608 of
value not on the roll, less the new construction value of $143,486,011 for a 2003 adjusted
taxable value of $4,771,037,206.
The total adjusted taxable value of $4,771,037,206 compares to $4,638,203,417 last year,
a 2.9% increase. The 2003 value also includes $143,486,011 of new construction.
The effective tax rate (that rate which will produce the same revenue as last year's rate of
$0.3660) is $0.3722514. The effective tax rate is calculated using the adjusted taxable
August 13, 2003 12:47PM
value. The rollback rate calculation is $0.405971.
Property Tax Code requires the City Council to hold a tax rate hearing if the total tax levy
exceeds a the lower of the rollback rate of 103 percent of the effective rate. The proposed
rate of $0.3660 does not exceed 103% of the effective tax rate.
Subsequent Council agendas will have appropriate notice and action items for Council's
consideration.
Staff recommends approval of the Resolution accepting the tax roll.
WAG/cjc
Ragm2003taxoll
August 13, 2003 12:47PM
1�gcognized for Excellence
e�ine�C�o2�e
Independent School District
July 25, 2003
Tax Office
I, Colette Sooter, Tax Assessor -Collector for the City of Grapevine, Texas,
3072 Mustang Drive submit to the City Council the 2003 Appraisal Roll as sworn to by John
Grapevine, TX 76051 Marshall, Chief Appraiser of the Tarrant County Appraisal District. Attached,
herewith, are the appraisal roll valuation summary sheets with hard copies of
the appraisal roll available for inspection at 3072 Mustang Drive, Grapevine,
Texas 76051.
817/251-5633
METRO 817/481-1242 Total Appraised and Assessed Value $5,608,734,421
FAX 817/421-9400 Less Ag Deferral & Exemptions - 990,658,585
Net Taxable $4,618,075,836
New Construction
(Included in net taxable)
$ 143,486,011
I certify an anticipated collection rate of 100% for the tax year 2003. This
total percentage includes current taxes, delinquent taxes, rollback taxes,
penalties and interest.
494ith day of July 2003.
Colette Sooter
Tax Assessor -Collector
and Subscj:i4ed to me this 25th day of July 2003.
Public's Signature County State
«LAURA OVENS
'�- MY WMMIeSm EXPIRES
"" APni 23, 2005
Ju1y252002certgraQvevine
0 RESOLUTION NO.
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS APPROVING THE TAX ROLL FOR
2003 ON PROPERTY WITHIN THE CITY; AND PROVIDING
AN EFFECTIVE DATE
WHEREAS, on July 25, 2003, the Chief Appraiser of the Tarrant Appraisal
District approved and certified to the Grapevine City Council the Tax Roll for 2003
with a total appraised value $5,608,734,421, and having a net taxable value of
$4,618,075,836 plus $137,280,773 minimum taxable value of properties under
protest and $159,166,608 in properties not on the roll.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS:
Section 1. That all matters stated in the preamble are true and correct and
are incorporated herein as if copied in their entirety.
Section 2. That the certified Tax Roll value for the year 2003 for the City of
<, Grapevine, Texas be and hereby approved in the amount of $5,608,734,421 for
total appraised value.
Section 3. That the certified net taxable value (total appraised value less
exemptions) of $4,618,075,836 is approved.
Section 4. That In addition to the value shown in Section 3 above, the Chief
Appraiser has prepared a list of all properties pending disposition before the
Appraisal Review Board. A projected minimum value of $137,280,773 has been
assigned to this property and $159,166,608 in properties not on the roll.
Section 5. The amount of $4,771,037,206 has been used for calculation of
the effective tax rate as described in Section 26.04 of the State Property Tax Code.
Section 6. That this resolution shall take effect from and after the date of its
passage.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 19th day of August, 2003.
ATTEST:
V*R