| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
August 23, 2022 |
| | | | | | | | SUBJECT:
Consideration and possible action to approve a Resolution ratifying the property tax increase included in the 2023 Annual Budget and acknowledging that the 2022 tax rate will raise more revenue from property taxes than the previous year -- Nathan Parras, Assistant Finance Director |
| | | | | | | | ITEM SUMMARY:
The Local Government Code Section 102.007 requires the City Council take a vote to ratify the increase in revenue generated by the 2022 property tax rate. This vote is in addition to and separate from the vote to adopt the budget or to set the tax rate as required by Chapter 26 of the Tax Code.
This resolution ratifies and acknowledges that the adoption of the 2023 Annual Budget will require raising more revenue from property taxes than in the previous year. This budget will raise more total property taxes than last year’s budget by $8,401,253 or 20.9%, and of that amount $3,685,091 is tax revenue to be raised from new property added to the tax roll this year.
The increase in property tax revenue is required to fund the programs and services as outlined in the budget summary. The proposed tax rate is $37.4000 cents per $100 assessed valuation, which is above the sales tax-adjusted No New Revenue rate of $32.0961 and below the sales tax-adjusted Voter Approval rate of $37.4762.
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| | | | | | | | SUBMITTED BY:
Sharon Parker |
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