Title
Consider and act on a proposed ad valorem tax rate for Fiscal Year 2024-25 and call a public hearing for September 3, 2024, on the proposed Fiscal Year 2024-25 ad valorem tax rate.
Body
State law requires publishing special notices and conducting a public hearing before adoption of a tax rate if the tax rate exceeds the no-new-revenue tax rate. The no-new-revenue tax rate is defined as the tax rate that would produce the same amount of property tax revenue as last year based on the value of the same properties listed on the tax rolls. The City's calculated no-new-revenue tax rate is $0.649840 per $100.00 of assessed valuation. The proposed tax rate is $0.693760 per $100.00 of assessed valuation, which is the same as the voter-approval tax rate of $0.693760 per $100.00 of assessed valuation.
State law also requires at least 60 percent of the members of the governing body to vote in favor of an ordinance setting a property tax rate that exceeds the no-new-revenue tax rate. Therefore, at least five members (60 percent) of the City Council will need to vote in favor of the proposed tax rate. If the required 60 percent majority vote in favor of the proposed tax rate cannot be reached, then by State law, the City's tax rate for Fiscal Year 2024-25 will become the no-new-revenue tax rate of $0.649840 and this action would require a $5,547,435.00 reduction in the proposed budget for the General Fund.
* PLEASE NOTE - All values are preliminary and are subject to change.
To adopt the tax rate at the August 19, 2024, City Council meeting, staff recommends the following proposed calendar of action items.
PROPOSED CALENDAR FOR TAX RATE ADOPTION
08/05/2024 Set Proposed Tax Rate and Date for Public Hearing on the Tax Rate
08/08/2024 Publish Notice of Public Hearing on Tax Increase
08/19/2024 Hold Public Hearing to Discuss Proposed Tax Rate
Adopt Tax Rate
Recommended/Desired Action
Staff recommends the City Council act on a proposed ad valorem tax rate for Fi...
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