HomeMy WebLinkAboutItem 10 - Adoption of Ad Valorem Tax RateMEMO TO: HONORABLE MAYOR AND MEMBERS OFF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER [tea'
MEETING DATE: SEPTEMBER 6, 2016
SUBJECT: ADOPTION OF AD VALOREM TAX RATE
RECOMMENDATION:
City Council to consider an ordinance adopting an ad valorem tax rate $0.289271 per $100
valuation for Tax Year 2016 and Fiscal Year (FY 2017) apportioned as follows:
For the General Fund, a tax rate of $0.126479 per $100 value;
For Debt Service, a tax rate of $0.162792 per $100 value.
BACKGROUND:
The FY 2017 budget was developed using the following values for tax rate calculation
purposes:
Total Appraised & Assessed Value $11,205,746,806
Net taxable value $ 7,274,810,676
Taxable value for rollback $ 7,117,459,248
Taxable value for effective rate $ 7,117,459,248
New construction $ 37,353,984
The FY 2016-2017 budget includes the General Fund and Debt Service apportions of the
taxes as noted above.
The proposed tax rate of $0.289271 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 COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, SETTING THE ANNUAL TAX RATE
FOR TAX YEAR 2016 LEVYING TAXES 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 2016-2017 (FY 2017), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and
WHEREAS, public hearings were held on the FY 2017 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 $0.289271 per $100 valuation has been
considered for tax year 2016; and
WHEREAS, all constitutional and statutory prerequisites for the approval of this
ordinance have been met, including but not limited to the Open Meetings Act; and
WHEREAS, the City Council deems the adoption of this ordinance to be in the best
interests of the health, safety, and welfare of the public.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS:
Section 1. That all matters stated hereinabove are found to be true and correct
and are incorporated herein by reference as if copied in their entirety.
Section 2. That a tax rate is hereby levied upon all taxable property in the City of
Grapevine, Texas for tax year 2016 at a rate of twenty-eight ninety-two seventy-one
hundreds cents ($0.289271) per one hundred dollars ($100.00) valuation. THIS TAX
RATE WILL RAISE LESS TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST
YEAR'S TAX RATE. THE TAX RATE WILL EFFECTIVELY BE LOWERED BY 7.31
PERCENT AND WILL LOWER TAXES FOR MAINTENANCE AND OPERATIONS ON A
$100,000 HOME BY APPROXIMATELY $15.59.
Section 3. 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 2016, 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 $0.126479 per $100 is levied.
B. For Debt Service, a tax rate of $0.162792 per $100 is levied.
Section 4. That taxes levied by this ordinance shall be due and payable on the
first day of October, 2016 and shall become delinquent on the first day of February, 2017, 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, 2017. 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 5. That the fact that the fiscal year begins on October 1, 2016 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 6th day of September, 2016.
APPROVED:
William D. Tate
Mayor
ATTEST:
Tara Brooks
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
Ordinance No. 2