| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
September 14, 2021 |
| | | | | | | | SUBJECT:
Public Hearing on the proposed 2021 Property Tax Rate used for the FY2022 Annual Budget -- Leigh Wallace, Finance Director |
| | | | | | | | ITEM SUMMARY:
The Texas Tax Code requires the City Council to conduct 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 2021 proposed tax rate of $0.401000 exceeds the No New Revenue Rate of $0.325982. This No New Revenue Rate is adjusted for sales tax for property tax relief. (The un-adjusted No New Revenue Rate is 0.355441.)
Per $100 Valuation FY2022
No New Revenue Tax Rate – Adjusted for Sales Tax 0.325982
No New Revenue Tax Rate 0.355441
Proposed Tax Rate 0.401000
Voter Approval Tax Rate – Adjusted for Sales Tax 0.401250
The 40.1 cents per $100 of valuation proposed rate is required to fund FY2022 City operating costs, debt service on bonds for infrastructure, and various enhancements to City services to meet the demands of growth in the community.
An overview of the tax calculation and related General Fund revenue and expenditure information was reviewed with Council at budget workshop held on July 26, 2021 and when the City Manager presented the Proposed Budget to Council on August 10, 2021.
The proposed FY2022 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.
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| | | | | | | | SUBMITTED BY:
Sharon Parker |
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