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HomeMy WebLinkAboutR2006-030S:\Our Documents\Resolutions\06\tax public hearing.doc RESOLUTION NO.d A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF DENTON, TEXAS PLACING A PROPOSAL ON THE SEPTEMBER 26, 2006 CITY COUNCIL PUBLIC MEETING AGENDA TO ADOPT A 2006 TAX RATE THAT WILL EXCEED THE LOWER OF THE ROLLBACK RATE OR THE EFFECTIVE TAX RATE; CALLING TWO PUBLIC HEARINGS ON A TAX INCREASE TO BE HELD ON SEPTEMBER 12, 2006 AND SEPTEMBER 19, 2006; REQUIRING PUBLICATION OF A NOTICE OF PUBLIC HEARINGS ON A TAX INCREASE IN ACCORDANCE WITH THE LAW; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the City Council desires to consider adopting a tax rate of $0.62652 per 100 valuation, which will exceed the lower of the rollback rate or effective tax rate, in accordance with the requirements of the Tex. Tax Code ch. 26 and to schedule two public hearings on the proposed tax increase; NOW, THEREFORE, THE COUNCIL OF THE CITY OF DENTON HEREBY RESOLVES: SECTION 1. The City Council desires to consider adopting a tax rate for the 2006 tax year of $0.62652 per $100 per valuation that will exceed the lower of the rollback rate or the effective tax rate. SECTION 2. This tax rate will raise more taxes for maintenance and operations than last year's tax rate. The tax rate will raise taxes for maintenance and operations on a $100,000 home by approximately $18.37. SECTION 3. The City Council hereby approves the placement of an item on the September 26, 2006 City Council public meeting agenda to vote on a proposed tax rate of 0.62652 per $100 valuation that will exceed.the lower of the rollback rate or the effective tax rate. SECTION 4. The City Council hereby calls two public hearings on the proposed tax increase to be held in the City Council Chambers at City Hall located at 215 East McKinney Street in Denton, Texas 76201 on September 12, 2006 and September 19, 2006 at 6:30 p.m. The public hearings will not be held until at least seven days after notice of the public hearings have been published in the Denton Record-Chronicle, a newspaper having general circulation within the City, in the form of the attached Notice of Public Hearing on a Tax Increase, which is made a part of this resolution for all purposes. The City Manager, or his designee, is hereby directed to publish said notice in accordance with this resolution and in accordance with Tex. Tax Code 26.06. At the public hearings, the City Council will afford adequate opportunity for both proponents and opponents of the tax increase to present their views. SECTION 5. This resolution shall become effective immediately upon its passage and approval at a regular meeting of the City Council of the City of Denton, Texas on this the 15th day of August, 2006, at which meeting a quorum was present and the meeting was held in NOTICE OF PUBLIC HEARING ON TAX INCREASE The City of Denton will hold two public hearings on a proposal to increase total tax revenues from properties on the tax roll in the preceding year by 10.49 percent (percentage by which proposed taxes exceeds lower of rollback tax rate or effective tax calculated under Chapter 26, Tax Code). Your individual taxes may increase at a greater or lesser rate, or even decrease, depending on the change in the taxable value of your property in relation to the change in taxable value of all other property and the tax rate that is adopted. The first public hearing will be held on September 12th at 6:30 p.m.at 215 E. McKinney, Denton, TX 76201. The second public hearing will be held on September 19th at 6:30 p.m.at 215 E. McKinney, Denton, TX 76201. The members of the goveming body voted on the proposal to consider the tax increase as follows: FOR the proposal: AGAINST the proposal: PRESENT and not voting: ABSENT: Budget with Last Year's Budget The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditurecategories: Maintenance and operations 9.2 Increase) or Decrease)Debt service 1161 Increase) or Decrease)Total expenditures 9.68 Increase) or Decrease) Total Appraised Value and Total Taxable Value calculated under section 26.04, Tax Code Preceding Tax Year Current Tax Year Total appraised value` of all property 5,135,825,863 5,844,920,251 Total appraised value' of new property"480,045,643 546,332,114Totaltaxablevalue"' of all property 4,789,376,811 5,441,228,909Totaltaxablevalue"` of new property"213,311,230 255,219,881 Bonded Indebtedness Total amount of outstanding and unpaid bonded indebtedness 130,160,000 Tax Rates Adopted tax rate for the preceding tax year 0.60815 per $100 in value Proposed tax rate for the current year 0.62652 per $100 in value Difference in the proposed tax rate and the 0.01837 per $100 in value adopted tax rate for the preceding tax year Percentage increase or decrease in the 3.02%Increase proposed tax rate and the adopted tax rate OR for the preceding tax year 0.00%Decrease These tax rate figures are not adjusted for changes in the taxable value of property. Appraised Value" is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code. New Property" is defined by Section 26.012(17), Tax Code. Taxable value" is defined by Section 1.04(l 0), Tax Code. Comparison of Residence Homestead Taxes Average appraised and taxable values on residence homesteads are compared from the preceding tax year and the current tax year. Preceding Tax Year Current Tax Year Average residence homestead value 123,723 130,395 Homestead exemption amount for the taxing unit 5,000 5,000excludingspecialexemptionforpersons65years of age or older or disabled.) Average taxable value of a residence homestead 118,723 125,395excludingspecialexemptionsforperson65years of age or older or disabled.) Comparison of Residence Homestead Taxes The taxes would have been imposed in the preceding tax year on a residence homestead at the average appraised value excluding special exemptions for persons 65 years of age or older or disabled) are estimated to be $722.01. The taxes thatwouldbeimposedinthecurrenttaxyearonaresidencehomesteadappraisedattheaverageappraisedvalueinthecurrent tax year (excluding special exemptions for persons 65 years of age or older or disabled), if the proposed tax rate is adopted, areestimatedtobe $785.62. The difference between the amount of taxes on the average residence homestead in the current tax year, if the proposed tax rate is adopted, and the preceding tax year would be an increase of $63.61 in taxes.