Title
Discuss and consider action to approve a resolution specifying a proposed fiscal year 2018 property tax rate of $0.5399/$100 valuation and scheduling the dates for the public hearings.
Summary
When a municipality's proposed tax rate exceeds its calculated rollback rate ($0.5517) or its calculated effective rate ($0.5018), 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 (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 current fiscal year 2017 rate of $0.5399/$100 valuation. The resolution has been approved by the City Attorney's Office.
Fiscal Impact
The fiscal impact of this item is outlined in the 2018 proposed budget.
Staff Recommendation
Adopt the resolution specifying the proposed tax rate and scheduling the public hearings.
Projected Future City Council Action
September 12, 2017 - Public Hearing on the Proposed Tax Rate
September 19, 2017 - Public Hearing on the Proposed Tax Rate
September 26, 2017 - Vote on adoption of the tax rate
Drafter
Lauri Gillam
Assistant City Manager