From
Becky L. Brooks, CFO
Title
Public hearing seeking citizen comments on proposed tax rate of $0.669998 per $100 assessed valuation in accordance with the Texas Property Tax Code
Presenter
Brady Olsen, Treasury and Debt Manager
Recommended Action
Approve
Analysis
In accordance with Truth-In-Taxation Law, taxpayers have the opportunity to express their views on the proposed tax rate. Section 26.05(d) of the law requires a taxing unit to hold a public hearing and publish notice before adopting a tax rate that exceeds the lower of the voter-approval rate or the no-new-revenue tax rate. Based on the certified appraisal information provided by Dallas, Tarrant, and Ellis Central Appraisal Districts, the taxable assessed valuation calculates a no-new-revenue tax rate of $0.692571 per $100 assessed valuation. The proposed tax rate is $0.669998/$100 assessed valuation and does not exceed the no-new-revenue tax rate. Despite this, we would like to open up a public hearing in order to be as transparent as possible.
At the regular city council meeting on August 18, 2019, a public hearing was proposed for the September 15, 2020 regular city council meeting. This action complies with state law. The final vote on the tax rate will occur in conjunction with budget adoption on September 15th.
Financial Consideration
The City's FY 2020/2021 proposed budget includes a proposed tax rate of $0.669998/$100 assessed valuation.