Title
Discuss and consider action to approve an ordinance on first and final reading with the caption reading: An Ordinance of the City of Pflugerville, Texas, Tax Levy Ordinance of the City of Pflugerville, Texas for Fiscal Year 2024.
Summary
Summary of Tax Rate:
Current Tax Rate: $0.4813
No-New-Revenue Tax Rate: $0.4310
Voter-Approval Tax Rate: $0.5362
Proposed Rate : $0.5362
Based on the certified property values received from the Travis and Williamson Central Appraisal Districts, the Travis County Tax Office has calculated the voter-approval rate at $0.5362/$100 valuation and the no-new-revenue rate at $0.4310/$100 valuation. As required by the Texas Tax Code, this information has been published on the City website www.pflugervilletx.gov/budget and both the Travis (https://travis.trueprodigy-taxtransparency.com) and Williamson (https://williamsonpropertytaxes.org) Central Appraisal District Truth in Taxation websites. In addition, the Notice of Public Hearing on Tax Increase was published in the Pflugerville Pflag on August 30, 2023, as required by Tax Code ยง26.061.
The City's proposed tax rate of $0.5362 is an increase from the prior year tax rate by $0.0549, and includes two main components: the Maintenance & Operations tax rate (M&O) plus the Debt Service tax rate (I&S or interest and sinking). The proposed M&O rate of $0.2485 reflects a 7.3% decrease from the prior year, and the proposed I&S rate of $0.2877 is a $0.0746 increase from prior year. The increase in I&S rate is due to continued issuance of 2020 Voter Approved bonds for park, street and a multi-generational rec center, funding for Downtown East to construct the new municipal complex, downtown public parking structure and Main Street extension, and funding for a new Public Works Facility and various transportation projects.
On August 8, 2023, the City Council adopted a resolution specifying a maximum property tax rate for FY24 of $0.5362/$100 valuation, which is the voter-approval rat...
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