| | | | | | | | City of Georgetown, Texas
City Council Regular Meeting
September 13, 2022 |
| | | | | | | | SUBJECT:
Second Reading of an ordinance levying a tax rate for the City of Georgetown for the tax year 2022 -- Nathan Parras, Assistant Finance Director |
| | | | | | | | ITEM SUMMARY:
This ordinance sets the ad valorem tax rate for the tax year 2022. This rate is based on net taxable property values at January 1, 2022, to assess taxes for collection during fiscal year 2023. The rate of $0.37400 per $100 valuation is the proposed tax rate for 2022 which is a decrease in the rate of $0.401000 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 2022 No New Revenue Rate $0.320961. The 2022 Voter Approval rate adjusted for property tax relief is $0.374762. The proposed rate of $0.37400 is between the No New Revenue and Voter Approval rates adjusted for sales tax.
Per $100 Valuation FY2022
No New Revenue Tax Rate 0.320961
Proposed Tax Rate 0.374000
Voter Approval Tax Rate – Adjusted for Sales Tax 0.374762
The average existing taxable homestead value increased by 12% compared to 2021. A homeowner with an existing average taxable homestead value of $340,164 will pay approximately $56 more in taxes than in the previous year.
The City held a public hearing on the tax rate on August 23, 2022.
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| | | | | | | | FINANCIAL IMPACT:
This tax rate is used in funding the proposed 2023 Annual Budget.
Motion language per Tax Code 26.05:
I move that the property tax rate be increased by the adoption of a tax rate of 37.4 cents, which is effectively a 16.5 percent increase in the tax rate.
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| | | | | | | | SUBMITTED BY:
Sharon Parker |
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