HomeMy WebLinkAboutItem 02 - Ad Valorem Tax RateMEMO TO
FROM
MEETING DATE
SUBJECT
RECOMMENDATION:
ITEM 1 �,���
HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
ROGER NELSON, CITY MANAGER ./V
SEPTEMBER 10, 2002
ADOPTION OF THE AD VALOREM TAX RATE
Staff recommends Council consider an ordinance adopting a tax rate of $0.366 per
$100.00 valuation for fiscal year 2002-2003, apportioned as follows:
for the General Fund, a tax rate of $.14890/100; for Debt Service, a tax rate of
$.21710.
BACKGROUND INFORMATION:
The FY 2002-2003 Budget was developed and completed using the certified tax roll having
a total appraised value of $5,471,902,668, less exemptions of $971,929,707 for a net
taxable value of $4,499,972,961. This value was further adjusted according to law by
adding an additional $90,660,138 of estimated value pending disposition before the
appraised review board and $209,890,635 of value of properties classified as incomplete
and not on the roll. For effective tax rate calculations, this value was further adjusted by
subtracting $162,320,317 for value of new construction, resulting in an adjusted tax roll
value of $4,638,203,417.
The FY 2002-2003 City Budget includes the General Fund and Debt Service apportions
as noted above.
Staff recommends approval.
WAG/cjc
H:AVTXAG2002
August 21, 2002 9:30AM
L�q'eal'
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2002;
LEVYING TAXES FOR THE TAX YEAR 2002 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 2002 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 2002, 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 $0.14890 is levied.
B. For Debt Service, a tax rate of $0.21710 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first
day of October, 2002 and shall become delinquent on the first day of February, 2003, 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, 2003. 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, 2002 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 10th day of September, 2002.
ATTEST: