Title
Discuss and consider action to approve a resolution specifying a proposed maximum FY20 property tax rate and scheduling the dates for the public hearings.
Summary
When a municipality's proposed tax rate exceeds its calculated rollback rate ($0.5045) or its calculated effective rate ($0.4737), whichever is lower, the taxing unit's governing body must specify a proposed rate and place a proposal to adopt the rate on the agenda of a future meeting as an action item. This vote must be recorded and the proposal must specify the desired maximum rate. As a maximum rate, Council can choose to adopt a lower rate, but the adopted rate may not exceed this proposed and published rate. The actions and specific wording in the resolution are required by Texas Truth in Taxation.
The attached resolution includes the wording required for the tax rate proposal and the increase or decrease in maintenance and operations taxes on a static $100,000 home over last year's maintenance and operations tax rate. The proposed tax rate included in this resolution is the calculated rollback rate of $0.5045/$100 valuation.
The next step in the property tax rate adoption process is to hold the two public hearings required if the proposed rate exceeds the lower of the rollback or effective rate. Those hearings are currently scheduled for September 10, 2019 at 7:00 p.m. and September 17, 2019 at 6:00 p.m. The final action, adoption of the tax rate is scheduled for September 24, 2019. All meetings will be conducted at 100 E. Main Street, Suite 500.
Deadline for City Council Action
Action must occur at this meeting in order continue with the current tax adoption schedule.
Funding Expected: Revenue _X_ Expenditure __ N/A __
Budgeted Item: Yes __ No __ N/A _X_
Amount: _N/A_______
1295 Form Required? Yes __ No _X_
Legal Review Required: N/A __ Required _X_ Date Completed: _08/10/18__
Supporting documents attached:
Resolution
FY20 Revised Budget Schedule
Recommended Action
Approve the resolution specifying a proposed maximum property tax rate for FY20 of $0.5045 and schedule the public hearings.