CC MEETING: September 10, 2024
DATE: September 4, 2024
TO: Erin Rinehart, City Manager
FROM: Melissa Everett, Finance Director
Diana Vaughn, Chief Financial Officer
Chrystal Davis, Assistant City Manager
Title
Consider An Ordinance Establishing The Tax Rate And Tax Levy For The City Of Carrollton For The Tax Year 2024 Upon The Taxable Property In The City Of Carrollton In Conformity With The Laws Of The State Of Texas And The City.
Body
BACKGROUND:
Section 26.05 of the Texas Property Tax Code requires a governing body to adopt a tax rate for the current tax year. The tax rate must be adopted as two separate components: (1) maintenance and operation and (2) debt service. The proposed budget included a proposed tax rate for maintenance and operations of 39.4205 cents per $100 valuation. After Council deliberations, the tax rate is proposed for adoption at 39.3162 cents per $100 valuation for maintenance and operations and 14.5588 cents per $100 valuation for debt service, totaling 53.8750 cents per $100 valuation.
For Tax Year 2024, the City of Carrollton is proposing a tax rate that exceeds the no-new-revenue tax rate but does not exceed the voter-approval rate. Based on the proposed tax rate, the motion needs to be made as follows:
"I move that the property tax rate be increased by the adoption of a tax rate of 53.8750 cents per $100 dollars valuation, which is effectively a 4.16% percent increase in the tax rate."
If the ordinance sets a tax rate that will impose an amount of taxes to fund maintenance and operation (M&O) expenditures of the taxing unit that exceeds the amount of taxes imposed for that purpose in the preceding year, the taxing unit must include specific wording in the tax rate ordinance and on the website of the taxing unit.
The no-new-revenue M&O rate for Tax Year 2024 is $0.380875 and the proposed M&O tax rate is $0.393162. Based on the proposed tax rate, the following statements must be included in the ordinance ado...
Click here for full text