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File #: RES-0532    Version: 1 Name:
Type: Resolution Status: Discuss and consider action
File created: 8/2/2018 In control: Finance
On agenda: 8/14/2018 Final action: 8/14/2018
Title: Discuss and consider action to approve a resolution specifying a proposed maximum fiscal year 2019 property tax rate of $0.4976/$100 valuation and scheduling the dates for the public hearings.
Attachments: 1. FY19 Resolution proposed tax rate CAO approved

Title

Discuss and consider action to approve a resolution specifying a proposed maximum fiscal year 2019 property tax rate of $0.4976/$100 valuation and scheduling the dates for the public hearings.

 

Summary

When a municipality's proposed tax rate exceeds its calculated rollback rate ($0.4976) or its calculated effective rate ($0.4870), 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 calculated rollback rate of $0.4976/$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 2019 proposed budget.

 

Staff Recommendation

Adopt the resolution specifying the proposed tax rate and scheduling the public hearings.

 

Projected Future City Council Action

September 11, 2018 - Public Hearing on the Proposed Tax Rate

September 18, 2018 - Public Hearing on the Proposed Tax Rate

September 25, 2018 - Vote on adoption of the tax rate

 

Drafter

Lauri Gillam

Assistant City Manager