Item Coversheet
  CITY COUNCIL AGENDA MEMO
MEETING DATE: 9/12/2022
DEPARTMENT:Budget
DIRECTOR:Karen Rhodes-Whitley, Director of Budget and Research
AGENDA ITEM:2022-23 Property Tax Rate Adoption Ordinance
RECOMMENDED ACTION:Items for Individual Consideration

ITEM SUMMARY

Ordinance No. 2022-9-11:  To approve and adopt the Tax Rate for the fiscal year beginning October 1, 2022 and terminating September 30, 2023; and providing an effective date. (The first Public Hearing was held on August 22, 2022.  The second Public Hearing is being held on September 12, 2022, prior to the adoption of this Ordinance.) Adopted

BACKGROUND

This Ordinance sets the ad valorem tax rate for 2022-23 at $0.4176 cents per $100 assessed valuation, to be distributed as follows:

 

 $0.3026 for Operation & Maintenance

  

 $0.1150 for General Obligation Debt

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 $0.4176 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 (0.92%) AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY ($9.20).

 

THIS TAX RATE IS EQUAL TO THE NO-NEW-REVENUE TAX RATE OF $0.4176. 

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.

ATTACHMENTS:
DescriptionUpload DateType
City Council Memo9/1/2022Memo
Property Tax Rate Adoption Ordinance9/1/2022Ordinance