HomeMy WebLinkAboutItem 06 - Tax RateMEMOTO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL
FROM: BRUNO RUMBELOW, CITY MANAGER %�—
MEETING DATE: SEPTEMBER 3, 2019
SUBJECT: CONDUCT A SECOND 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 City Council will consider an ordinance adopting the tax rate at the
regular City Council meeting on September 17 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 $1,531
-
$1,175 $1,236 $1,253
$989
$1,000 $847
$782
$500
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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
0.900
0.800
0.700
0.600
0.500
0.400
0.321
0.300 0.284
0.200
0.100
Tax Rate Comparison
0.439 0.446 0.447 0.463
0.413 _
0.635
0.562 0.585 .
0.785
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*Proposed Tax Rate for FY2020
All Other Tax Rates per TAD updated October 3, 2018