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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 9/11/2023 | | DEPARTMENT: | Budget | | DIRECTOR: | Karen Rhodes-Whitley, Director of Budget and Research | | AGENDA ITEM: | 2023-24 Property Tax Rate Adoption Ordinance | | RECOMMENDED ACTION: | Items for Individual Consideration |
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| | | | | | | | ITEM SUMMARY Consideration of an Ordinance to approve and adopt the Tax Rate for the fiscal year beginning October 1, 2023 and terminating September 30, 2024; and providing an effective date. (The first Public Hearing was held on August 28, 2023. The second Public Hearing is being held on September 11, 2023, prior to the adoption of this Ordinance.) Adopted Ordinance No. 2023-9-5 |
| | | | | | | | BACKGROUND This Ordinance sets the ad valorem tax rate for 2023-24 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 7.60% AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $21.40.
THIS TAX RATE IS EQUAL TO $0.4176.
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| | | | | | | | 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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