HomeMy WebLinkAboutPO5553: PROPERTY TAX CODE Memorandum
City of Port Arthur, Texas
Finance Department
To: Steve Fitzgibbons, City Ma~ge_r ~,/t __
From: Rebecca Underhill, Direct~/~
Date: August 30, 2005
Subject: Proposed Ordinance No. 5553 and 5554
RECOMMENDATION
Pursuant to Section 26.05 of the Texas Property Tax Code, Proposed Ordinance No. 5553 Adopting
the 2005 Tax Rate and Proposed Ordinance No. 5554, Approving the 2005 Tax Roll for the City of
Port Arthur are presented for City Council consideration and approval.
BACKGROUND
The proposed tax rate for 2005 is the same as the 2004 tax rate of $0.775 per $100 valuation. With
a 20% homestead exemption, the proposed tax rate would provide an effective tax rate of $0.62 for
all homestead owners. Senior citizen and/or disabled homeowners receive a $25,000 exemption in
addition to the 20% homestead exemption. As a result, these citizens have no property tax liability
unless their home is assessed at $31,000 or more.
The 2005 taxable value is $1,527,385,850. This represents a $109,150,307 or 7.69% increase over
the 2004 taxable value. The 2005 value will produce a tax gross levy of $11,837,240 based on the
City's proposed tax rate of $0.775 per $100 of valuation. In 2004, the City Council adopted the
senior citizen and disabled tax freeze. This freeze decreased the 2005 levy by $43,444. The
amount of tax levy adjusted for the freeze is $11,793,796.
A comparison of values, tax levy and tax rates from 1996 to 2005 are as follows:
YEAR TAXABLE GROSS NET TAX ADOPTED
VALUE TAX LEVY RATE
LEVY
1996 $ 898,137,510 $ 6,960,606 $ 6,960,606 $ 0.775
1997 911,272,216 7,062,360 7,062,360 0.775
* 1998 1,093,293,495 8,473,025 8,473,025 0.775
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
*Increase due to annexation, iia/word/office/ordinance/tax cam
P.O. NO. 5553
08/28/05 JJA
ORDINANCE NO.
AN ORDINANCE ADOPTING A TAX RATE
FOR THE TAX YEAR 2005 (FISCAL YEAR
OCTOBER 1, 2005 - SEPTEMBER 30, 2006)
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 $0.772059 per
One Hundred and No/100 ($100.00) Dollars valuation of property; and,
WHEREAS, the City council held the required Public Hearings on the Proposed Tax Rate of
$0.775 per $100 valuation on August 30, 2005 and September 13, 2005; and
WHEREAS, the City Manager has submitted to the City Council the Budget for the Fiscal
Year October 1, 2005 through September 30, 2006;
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 year 2005 as follows:
Tax Rate to Fund Interest and Sinking Fund $0.488356
Tax Rate to Fund Maintenance and Operation Expenditures 0.286644
Total 2005 Tax Rate $0.775000
THAT, a copy of the caption of this Ordinance be spread upon the Minutes of the City
Council.
READ, ADOPTED, AND APPROVED, this 27th day of September 2005, A.D., at a
Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
Mayor:
Council members:
Noes:
Mayor Oscar G. Ortiz
ATTEST:
Evangeline Green - City Secretary
APPROVED AS TO FORM:
Mark Sokol~w- City Attorney (0t0 bet a.l[
APPROVED FOR ADMINISTRATION:
Director of Finance - Rebecca Underhill
Jja/e:word/ordinance/TAX RATE 2005