The Texas Tax Code requires the City Council to a public hearing on the proposed tax rate prior to adoption if the proposed rate exceeds the lower of the No New Revenue or Voter Approval rates as calculated under the law.
The 2020 proposed tax rate of $0.418000 exceeds the No New Revenue Rate of $0.389738. This No New Revenue Rate is adjusted for sales tax for property tax relief. (The un-adjusted No New Revenue Rate is .422127.)
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Per $100 Valuation
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FY2021
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No New Revenue Tax Rate –
Adjusted for Sales Tax
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0.389738
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Proposed Tax Rate
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0.418000
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Voter Approval Tax Rate –
Adjusted for Sales Tax
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0.418013
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No New Revenue Tax Rate
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0.422127
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The 41.8 cents per $100 of valuation proposed rate is required to fund FY2021 City operating costs, debt service on bonds for infrastructure, and various enhancements to City services to meet the demands of growth in the community. The Council is not required to adopt this rate; however, this is the maximum rate the Council may consider as set by Council action on August 11, 2020.
An overview of the tax calculation and related General Fund revenue and expenditure information was reviewed with Council at budget workshop held on July 21, 2020 and when the City Manager presented the Proposed Budget to Council on August 11, 2020.
The proposed FY2021 Annual Budget is available with the City Secretary and on the City’s website at www.georgetown.org.
There is a corresponding item on this Council agenda to vote to adopt the tax rate.