Title
Discuss and consider action to approve a Resolution Ratifying the Property Tax Increase Reflected in the City's Fiscal Year 2023 Operating Budget.
Summary
Pursuant to Section 102.007(c) of the Texas Local Government Code, a municipality is required to take a separate vote to ratify the property tax when the adoption of the budget will raise more property tax revenue than in the previous year.
At the Council proposed rate of $0.4813, the FY23 budget will raise more property tax revenue than last year’s budget by $9,156,832 (26.2%) and of that amount $1,503,528 is tax revenue to be raised from new property added to the tax roll this year.
Prior City Council Action
The City Council approved a proposed maximum property tax rate of $0.4813/$100 property valuation on August 9, 2022.
A public hearing and adoption of the tax levy ordinance were held earlier in this meeting
Deadline for City Council Action
This additional action is required to complete the property tax rate approval.
Funding Expected: Revenue __ Expenditure __ N/A _X_
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: _9/2/2022__________
Supporting documents attached:
Resolution Ratify Tax Rate
Recommended Action
Staff recommends approval of a Resolution Ratifying the Property Tax Increase Reflected in the City's Fiscal Year 2023 Operating Budget.