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 2023
Summary
Summary of Tax Rate:
No-New-Revenue Tax Rate: $0.3966
Un-Adjusted Voter-Approval Tax Rate: $0.4571
Unused Increment: $0.0242
Voter-Approval Tax Rate: $0.4813
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 $0.4813/$100 valuation and the no-new-revenue rate at $0.3966/$100 valuation. As required by the Texas Tax Code, this information has been published on September 4, 2022, 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 Austin American Statesman onSeptember 4, 2022, as required by Tax Code ยง26.061.
The City's proposed tax rate of $0.4813 is a decrease from the prior year tax rate by $0.005, 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 $0.2131 reflects a 9.8% decrease from the prior year, and the proposed I&S rate of $0.2682 is a 6.7% increase from prior year. The increase in I&S rate is due to continued issuance of 2020 Voter Approved bonds for park and street projects, and $18M in certificates of obligation bonds for facility, street, and traffic signal projects.
On August 9, 2022, the City Council adopted a resolution specifying a maximum property tax rate for FY23 of $0.4813/$100 valuation, which is the voter-approval rate and equates to an operating revenue increase of 12%. In accordance with Texas Tax Code 26.05...
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