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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/14/2020 | | DEPARTMENT: | Budget | | DIRECTOR: | Karen Rhodes-Whitley, Director of Budget and Research | | AGENDA ITEM: | 2020-21 Property Tax Rate Adoption Ordinance | | RECOMMENDED ACTION: | Items for Individual Consideration |
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| | | | | | | | ITEM SUMMARY Ordinance No. 2020-9-6: To approve and adopt the Tax Rate for the fiscal year beginning October 1, 2020, and terminating September 30, 2021; and providing an effective date. (Public Hearing is being held on September 14, 2020 prior to the adoption of this Ordinance.) Adopted |
| | | | | | | | BACKGROUND This Ordinance sets the ad valorem tax rate for 2020-21 at $0.4482 cents per $100 assessed valuation, to be distributed as follows:
$0.3372 for Operation & Maintenance
$0.1110 for General Obligation Debt
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$0.4482 Total Tax Rate
THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR’S TAX RATE.
THE TAX RATE WILL EFFECTIVELY BE RAISED BY 0.63% AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $2.80. |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS This item has no financial impact.
Adoption of this Ordinance relates to the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government. |
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