HomeMy WebLinkAboutItem 06 - Tax RateMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER
MEETING DATE: AUGUST 20, 2019
SUBJECT: FIRST PUBLIC HEARING ON AD VALOREM TAX RATE
RECOMMENDATION: City Council to conduct a public hearing on the proposed ad valorem tax
rate of $.284271 per $100 valuation for tax year 2019 and Fiscal Year
2020.
FUNDING SOURCE:
BACKGROUND: Pursuant to the Texas Tax Code, Section 26.05 (d), a
municipal government must hold two public hearings when considering the
adoption of a tax rate other than the effective tax rate.
The tax rate shall be apportioned as follows:
For the General Fund, a tax rate of $.141579 per $100 value;
For Debt Service, a tax rate of $.142692 per $100 value.
The second public hearing will be held during the regular City Council
meeting on September 3, 2019 at 7:30 pm. The City Council will
consider an ordinance adopting the tax rate at the regular City Council
meeting on September 17, 2019 at 7:30 pm.
Average Single-Family Residence Tax Bill
3,000
Based on Current Rate and Average Single-Family Taxable Value
2,678
2,500
2,000
1 ,773 $1 ,794
1 ,500
1 ,470
X1,531
1 ,175
X1 ,236 $1 ,253
1 ,000 847
989
782
500
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Aon a
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As of July 22,2019 per TAD "Average Value of Single-Family Residence" Net Taxable Value
As of July 19, 2019 per Denton CAD "Average Residence Value Report"Average Taxable
Tax Rate Comparison
0.900
0.800 0.785
0.700
0.635
0.600 0.562
0.585
0.500 0.463
0.439 0.446 0.447
0.413
0.400
0.321
0.300 0.284
0.200
0.100
Cl-
b
c'
i
Proposed Tax Rate for FY2020
All Other Tax Rates per TAD updated October 3, 2018