HomeMy WebLinkAboutItem 10 - Ad Valorem Tax Rate rU t, _�
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1''" MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER �2
MEETING DATF: SEPTEMBER 16, 2008
SUBJECT: ADOPTION OF AD VALOREM TAX RATE
RECOMMENDATION:
City Council to consider an ordinance adopting an ad valorem tax rate $0.3500 per$100
valuation for fiscal year 2008-2009 (FY 2009) apportioned as follows:
For the General Fund, a tax rate of $0.11894 per $100 value;
For Debt Service, a tax rate of $0.23106 per $100 value.
BACKGROUND:
The FY 2009 budget was developed using the following values for tax rate calculation
� purposes:
Total market value $7,099,551,369
Net taxable value $6,096,277,000
Taxable value for rollback $5,760,482,527
Taxable value for effective rate $5,570,664,128
New construction $ 189,818,399
The FY 2008/2009 budget includes the General Fund and Debt Service apportions of the
taxes as noted above.
The proposed tax rate of$0.3500 is below the calculated effective tax rate of$0.350092.
A copy of the proposed ordinance is attached.
Staff recommends approval.
JM/slt
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ORDINANCE NO. " �
AN ORDINANCE OF THE CITY OF GRAPEVINE, TEXAS,
SETTING THE ANNUAL TAX RATE FOR TAX YEAR 2008;
LEVYING TAXES FOR THE TAX YEAR 2008 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 EMERGENCYAND PROVIDING AN
EFFECTIVE DATE
WHEREAS, THE City Council of Grapevine, Texas has approved an operating
budget for the fiscal year 2008-2009 (FY 2009), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and
WHEREAS, public hearings were held on the FY 2009 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 $0.3500 per $100 valuation has been
considered for tax year 2008; and
NOW,THEREFORE, 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 2008 at a rate of thirty-five cents ($0.3500) 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 AssessorlCollector and
collected for Tax Year 2008, 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 $0.11894 per $100 is levied.
B. For Debt Service, a tax rate of $0.23106 per $100 is levied.
Section 3. That taxes levied by this ordinance shall be due and payable on the
first day of October, 2008 and shall become delinquent on the first day of February, 2009, 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, 2009. 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. That the fact that the fiscal year begins on October 1, 2008 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 16th day of September, 2008.
APPROVED:
ATTEST:
APPROVED AS TO FORM: