HomeMy WebLinkAboutItem 02 - Ad Valorem Tax RateITEM # �-
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: ROGER NELSON, CITY MANAGER
MEETING DATE: SEPTEMBER 11, 2001
SUBJECT: ADOPTION OF THE AD VALOREM TAX RATE
RECOMMENDATION:
Staff recommends Council consider an ordinance adopting a tax rate of $0.366 per
$100.00 valuation for fiscal year 2001-2002, apportioned as follows:
for the General Fund, a tax rate of $.135923996/$100; for Debt Service, a tax rate
of $.230076004.
BACKGROUND INFORMATION:
The FY 2001-2002 budget has was developed and completed using an appraised value
of $4,589,025,228, which is the sum of the certified roll and the minimum value of all
properties pending disposition before the Appraisal Review Board. This value has also
been used in the effective tax rate calculation. The FY 2001-2002 budget also includes the
General Fund and Debt Service rates noted above.
WAG/cjc
H:AVTXAG2001
August 15, 2001 4:52PM
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2001;
LEVYING TAXES FOR THE TAX YEAR 2001 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 2001 and a rate of thirty-six and six tenths cents ($0.366)
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 2001, 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 $0.135923996 is levied.
B. For Debt Service, a tax rate of $0.230076004 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first day
of October, 2001 and shall become delinquent on the first day of February, 2002, 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,
2002. 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, 2001 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 11th day of September, 2001.
William D. Tate
Mayor
ATTEST:
Linda Huff
City Secretary
APPROVED AS TO FORM:
John F. Boyle, Jr.
City Attorney
H:ORDTAXLEVY2001