Title
Consider and take action on the 2024 proposed ad valorem tax rate (Fiscal Year 2025 - October 1, 2024 to September 30, 2025) of $0.371461. The property tax rate will be adopted as an action item at the September 10, 2024 Council meeting (Assistant City Manager - CFO)
Background:
To begin the tax rate setting process, the City Council is required to propose a tax rate. This agenda item is for that purpose. The rate is used to prepare the required notices including a notice for public hearings if needed. The property tax rate adopted on September 10, 2024 may be the same or less than the rate proposed by this item, but cannot be higher.
2023 Tax Rate (FY2024 Budget) $0.395000 / $100
2024 No-New-Revenue Tax Rate (FY2025 Budget) $0.371461 / $100
2024 Voter-Approval-Rate (FY2025 Budget) $0.448458 / $100
On July 15, City Council was presented the FY2025 proposed budget based on an estimated no-new-revenue tax rate of $0.373000 per $100 valuation based on estimated taxable values of $13.45 billion. On June 25, City Council approved a resolution to increase the Senior Exemption from $75,000 to $100,000 in the FY2025 property tax rate ordinance on September 10, 2024.
Based on estimated certified taxable values at $13.93 billion received in late July, and the affect of the increase in Senior Exemption, the no-new-revenue tax rate is $0.371461, and the voter-approval-rate is $0.448458. Staff recommends proposing a tax rate of $0.371461 per $100 valuation which funds the FY2025 Proposed Budget. This estimated ad valorem tax rate does not exceed the no-new-revenue tax rate; therefore, a public hearing is not required. There will be another vote to adopt the final tax rate at the September 10, 2024 Council meeting.
If the Council proposes a rate that is lower than the no-new-revenue tax rate of $0.371461 / $100 valuation, notice of the tax rate adoption must be published Tuesday, September 3rd in order to meet the requirement for publication at l...
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