Title
Consider and take action on the 2026 proposed ad valorem tax rate (Fiscal Year 2027 - October 1, 2026 to September 30, 2027) of $0.356505. The property tax rate will be adopted as an action item at the September 8, 2026 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 8, 2026 may be the same or less than the rate proposed by this item, but cannot be higher.
2025 Tax Rate (FY2026 Budget) $0.363550 / $100
2026 No-New-Revenue Tax Rate (FY2027 Budget) $0.356505 / $100
2026 Voter-Approval-Rate (FY2027 Budget) $0.465935 / $100
On July 14, City Council was presented the FY2027 proposed budget based on an estimated no-new-revenue tax rate of $0.369000 per $100 valuation based on estimated taxable values of $13.20 billion.
Based on estimated certified taxable values at $13.45 billion received in late July the no-new-revenue tax rate is $0.356505, and the voter-approval-rate is $0.465935. Staff recommends proposing a tax rate of $0.356505 per $100 valuation which funds the FY2027 Proposed Budget. The proposed ad valorem tax rate of $0.356505 does not exceed the no-new-revenue tax rate; therefore, a public hearing is not required. There will be another vote to adopt the tax rate at the September 8, 2026 Council meeting.
If the Council proposes a rate that is lower than the no-new-revenue tax rate of $0.356505 / $100 valuation, notice of the tax rate adoption must be published Tuesday, September 1st in order to meet the requirement for publication at least 7 days prior to adoption of the rate on September 8th.
If the Council proposes a rate that exceeds the no-new-revenue tax rate of $0.356505 / $100 valuation, a public hearing is required prior to the adoption of the ...
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