Title
Consider and take action on the 2022 proposed ad valorem tax rate (Fiscal Year 2023 - October 1, 2022 to September 30, 2023) of $0.420887. The tax rate will be adopted as an action item at the September 13, 2022 Council meeting. (Executive Director of Finance & Budget)
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.
2021 Tax Rate (FY2022 Budget) $0.465526 / $100
2022 No-New-Revenue Tax Rate (FY2023 Budget) $0.420887 / $100
2022 Voter-Approval-Rate (FY2023 Budget) $0.657675 / $100
On July 12, City Council was presented the FY2023 proposed budget based on an estimated no-new-revenue tax rate of $0.44 per $100 valuation based on estimated taxable values of $11.4 billion. Based on certified taxable values at $12.07 billion received in late July, the no-new-revenue tax rate is $0.420887 and the voter-approval-rate is $0.657675. Staff recommends proposing a tax rate of $0.420887 per $100 valuation which funds the FY2023 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 13, 2022 Council meeting.
If the Council proposes a rate that is lower than the no-new-revenue tax rate of $0.420887/ $100 valuation, notice of the tax rate adoption must be published Tuesday, September 6th in order to meet the requirement for publication at least 7 days prior to adoption of the rate on September 13th.
If the Council proposes a rate that exceeds the no-new-revenue tax rate of $0.420887/ $100 valuation, a public hearing is required prior to the adoption of the tax rate on September 13th. Based on the current schedule, staff recommends the public hearing on August 23rd (pending the Chief Appraiser deliverin...
Click here for full text