Item Coversheet

City of Georgetown, Texas
City Council Regular Meeting
AugustĀ 11, 2020

SUBJECT:

Consideration and possible action to set the date for the public hearing on the proposed 2020 (FY2021) property tax rate -- Leigh Wallace, Finance Director

ITEM SUMMARY:

State law requires that all taxing jurisdictions participate in the process of Truth-In-Taxation. When a proposed property tax rate exceeds the lower of 100 percent of the No New Revenue rate or the Voter Approval rate, the Council must adopt a maximum proposed tax rate that it will consider. State law requires that the vote to adopt a proposed maximum rate must be a roll call vote, indicating any absences from the dais. Even though the Council votes to consider a proposed tax rate above the No New Revenue rate, the Council may, as a result of deliberations, adopt a tax rate at or below the rate stated in the published notices.

The City of Georgetown collects sales taxes in lieu of property taxes for Operations and Maintenance. The following rates are based on the tax code’s calculation for property tax rates adjusted for sales tax. The No New Revenue Rate is $0.389738. The Voter Approval Rate is $0.418013. The proposed tax rate for 2020 (FY2021) of $0.418000 is greater than the No New Revenue Rate. Therefore, the City Council will publish notices and hold a public hearing.

 

This item sets the date for the public hearing on the property tax rate, as required by law, to be held on Tuesday, September 8 at 6:00 p.m. at City Council Chambers, at 9th and Martin Luther King Jr Streets, Georgetown, TX.


This item is a regular vote.

FINANCIAL IMPACT:
Please see Item Summary.
SUBMITTED BY:
RLD on behalf of Leigh Wallace, Finance Director