This ordinance sets the ad valorem tax rate for the tax year 2021. This rate is based on net taxable property values at January 1, 2021, to assess taxes for collection during fiscal year 2022. The rate of $0.40100 per $100 valuation is the proposed tax rate for 2021 which is a decrease in the rate of $0.418000 from the prior year.
The tax rate includes a portion to fund existing debt service, and a portion to fund maintenance and operations of the City. The 2021 No New Revenue rate is $0.355441. The No New Revenue Rate adjusted for sales tax for property tax relief is $0.325982. The 2021 Voter Approval rate adjusted for property tax relief is $0.401250. The proposed rate of $0.40100 is between the No New Revenue and Voter Approval rates adjusted for sales tax.
|
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 average existing taxable homestead value increased by 9.26% compared to 2020. A homeowner with an existing average taxable homestead value of $303,255 will pay approximately $56 more in taxes than in the previous year.
The City held a public hearing on the tax rate on September 14, 2021.