HomeMy WebLinkAboutItem 02 - Ad Valorem Tax Rate ITEM # _
MEMO TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: SEPTEMBER 14, 2010
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 2010-2011 (FY 2011) apportioned as follows:
For the General Fund, a tax rate of $0.1346 per $100 value,
For Debt Service, a tax rate of $0.2154 per $100 value.
BACKGROUND:
The FY 2011 budget was developed using the following values for tax rate calculation
purposes:
Total market value $9,597,834,891
Net taxable value $5,986,578,822
Taxable value for rollback $5,584,845,945
Taxable value for effective rate $5,553,383,476
New construction $ 31,462,469
The FY 201012011 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$0.372189.
A copy of the proposed Ordinance is attached.
Staff recommends approval.
Property Value Summary
Tax Rate Calculation Basis Tax Year 2010 (FYE 2011)
Total Market Appraised and Assessed Value 9,597,834,891
Less Ag Deferral & Exemptions 3,611,256,069
Certified Net Taxable 5,986,578,822
Less TIF Increment (489„194,035)
Net Taxable less TIF 5,497,384,787
Pius Protested Value 40,893,124
Plus Values Not Included on Roll 46,568,034
Taxable Value for Rollback 5,584,845,945
Less New Construction (31,462,469)
Less Taxable Value Properties Annexed After Jan. 1, 20OX
Taxable Value for Effective Tax Rate 5,553,383,476
V�
ORDINANCE NO.
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS, SETTING THE ANNUAL TAX RATE
FOR TAX YEAR 2010 LEVYING TAXES FOR THE TAX YEAR
2010 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 2010-2011 (FY 2011), in compliance with appropriate state laws
and the Charter of the City of Grapevine; and,
WHEREAS, public hearings were held on the FY 2011 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 2010; 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 2010 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 Assessor/Collector and
collected for tax year 2010, 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$0.1346 per $100 is levied.
B. For Debt Service, a tax rate of$0.2154 per$100 is levied.
Section 3. Taxes levied by this ordinance shall be due and payable on the first day
of October, 2010 and shall become delinquent on the first day of February,2011, 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,
2011. 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, 2010 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 14th day of September, 2010.
APPROVED:
ATTEST:
APPROVED AS TO FORM:
ORD_ NO. 2