From
Becky L. Brooks, CFO
Title
Second 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 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 $0.611522 per $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 6, 2019, two public hearings on the proposed tax rate were scheduled for August 20, 2019 and September 3, 2019 regular city council meetings. This action complies with state law. The final vote on the tax rate will occur in conjunction with budget adoption on September 17th.
Financial Consideration
The City's FY 2019/2020 proposed budget includes a proposed tax rate of $0.669998/$100 assessed valuation. A summary of the proposed budget will be comprehensively discussed at the budget workshop on August 22, 2019.