From
Cheryl Davenport, Treasurer
Title
Second Public Hearing on proposed tax rate seeking citizen comments on proposed tax rate of $0.669998 per $100 assessed valuation in accordance with the Texas Property Tax Code
Presenter
Diana Ortiz, Chief Financial Officer
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 two public hearings and publish notices before adopting a tax rate that exceeds the lower of the rollback rate or the effective tax rate. Based on the certified appraisal information provided by Dallas, Tarrant, and Ellis Central Appraisal Districts, the taxable assessed valuation calculates an effective tax rate of $0.617077/$100 assessed valuation. The proposed tax rate is $0.669998/$100 assessed valuation and exceeds the effective tax rate.
At the regular city council meeting on August 16, 2016, two public hearings on the proposed tax rate are were scheduled for August 30, 2016 and September 6, 2016. In addition, city council announced that it will vote on the proposed tax rate at the September 20, 2016 regular city council meeting. This action complies with state law.
Financial Consideration
The City's FY 2016/2017 proposed budget includes a proposed tax rate of $0.669998/$100 assessed valuation. A summary of the proposed budget was comprehensively discussed at the budget workshop on August 30, 2016.