Title
Consider and take action on an ordinance approving an ad valorem tax rate for the City of League City, Texas, upon all taxable property within the corporate limits of the City for the Fiscal Year ending September 30, 2018; directing the assessment and collection thereof; providing for a severability clause; and providing for an effective date (Assistant City Manager)
Staff requests first and final reading.
Background:
If approved, this item will set a property tax rate of $0.56500 per $100 for Fiscal Year 2018.
Section 102.009 (a) of the Local Government Code states "The governing body of the municipality may levy taxes only in accordance with the budget." On September 12, 2017, City Council adopted the FY 2018 Budget based on a property tax rate of $0.56500 per $100 of valuation. At this same meeting, under seperate votes, the City Council proposed a tax rate of $0.56500 per $100 for Fiscal Year 2018 and ratitifed a tax increase based upon a tax rate of $0.56500 per $100 valuation. Since the proposed tax rate of $0.56500 is more than the effective rate of $0.54961, public hearings were required. The City Council conducted public hearings on the proposed tax rate on September 21st and September 26th .
Total Tax Rate $0.56500
Debt Rate $0.15164
M&O Rate $0.41336
Effective M&O Rate $0.48402
Effective Rate $0.54961
Rollback Rate $0.58544
Section 26.05 of the tax code requires certain language be included in the budget ordinance. It also identifies the motion language required in order to identify the percentage by which the proposed tax rate exceeds the effective tax rate. In order to adopt this ordinance, the following motion must be made: "I move that the property tax rate be increased by the adoption of a tax rate of $0.56500 which is effectively a 2.8% increase in the tax rate."
Attachments
1. Data Sheet
2. Tax Rate Ordinance
FUNDING
{ } NOT APPLICABLE
{ } Funds are available from Account #____________...
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