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HomeMy WebLinkAboutPO 6024: ADOPTING A TAX RATE FOR 2009Memorandum City of Port Arthur, Texas Finance Department To: Steve Fitzgibbons, City Manager From: Rebecca Underhill, Assistant City M Date: September 16, 2009 Subject: Proposed Ordinance No. 6024 and 6025 RECOMMENDATION This Ordinance was tabled on the September 8, 2009 meeting. Pursuant to Section 26.05 of the Texas Property Tax Code, Proposed Ordinance No. 6024 Adopting the 2009 Tax Rate and Proposed Ordinance No. 6025, Approving the 2009 Tax Roll for the City of Port Arthur aze presented for City Council consideration and approval. BACKGROUND The proposed tax rate for 2009 is $0.792 per $100 valuation. With a 20% homestead exemption, the proposed tax rate would provide an effective tax rate of $0.634 for all homestead owners. Senior citizen and/or disabled homeowners receive a $25,000 exemption in addition to the 20% homestead exemption. Seniors and disabled homeowners also have their property tax frozen. The 2009 taxable value is $2,050,239,332. This represents a $79,325,465 or 4.02% increase the 2008 taxable value. The 2009 value will produce a tax gross levy of $16,237,896 based on the City's proposed tax rate of $0.792 per $100 of valuation. A comparison of values, tax levy and tax rates from 1999 to 2009 aze as follows: YEAR TAXABLE VALUE GROSS TAX LEVY NET TAX LEVY ADOPTED RATE 1999 $ 1,095,680,431 $ 8,491,523 $ 8,491,523 $ 0.775 2000 1,135,695,447 8,801,640 8,801,640 0.775 2001 1,160,384,830 8,992,982 8,992,982 0.775 2002 1,183,370,370 9,170,120 9,170,120 0.775 2003 1,244,181,585 9,642,407 9,642,407 0.775 2004 1,418,923,933 10,996,660 10,996,660 0.775 2005 1,527,385,850 11,837,240 11,793,796 0.775 2006 1,431,012,945 11,090,350 11,064,034 0.775 2007 1,731,296,115 13,157,750 13,036,970 0.760 2008 1,970,913,867 14,978,945 14,868,523 0.760 2009 2,050,239,332 16,237,896 15,944,577 0.792 P.O. NO. 6024 jja: 09/12/09 ORDINANCE NO. AN ORDINANCE ADOPTING A TAX RATE FOR THE TAX YEAR 2009 (FISCAL YEAR OCTOBER 1, 2009 -SEPTEMBER 30, 2010) WHEREAS, the Tax Assessor-Collector has calculated and submitted to the City Council, pursuant to Section 26.04 of the Texas Property Tax Code, the effective tax rate of $0.795727 per One Hundred and No/100 ($100.00) Dollars valuation of property and the rollback rate of $0.792424; and WHEREAS, the City Manager has submitted to the City Council the Budget for the Fiscal Yeaz October 1, 2009 through September 30, 2010. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR: THAT, pursuant to Section 26.05 of the Texas Property Tax Code, the City Council hereby finds, determines and adopts an Ad Valorem tax rate on One Hundred and No/100 ($100.00) Dollars valuation for tax yeaz 2009 as follows: Tax Rate to Fund Interest and Sinking Fund $0.387469 Tax Rate to Fund Maintenance and Operation Expenditures 0.404531 Tota12009 Tax Rate $0.792000 THAT, a copy of the caption of this Ordinance be spread upon the Minutes of the City Council. READ, ADOPTED, AND APPROVED, this- day of September, 2009 , A.D., at a Special Meeting of the City Council of the City of Port Arthur, Texas by the following vote: Mayor: Council members: Noes: Mayor Deloris Prince ATTEST: Terri Hanks, City Secretary APPROVED AS TO FORM: 1 ~'"' ` ~~ ~" " Mark Sokolow -City Attorney APPROVED FOR ADMINISTRATION: Ci yt Manage~~%~u~~ ons Director of Finance -Deborah Echols Jja/e:word/ordinancelrAX RATE 2009