Title
Public Hearing on the Proposed Ad Valorem Tax Rate for Tax Year 2024.
Body
Summary:
On August 20, 2024, the City Council took a record vote to begin the process of adopting an ad valorem tax rate of $0.720000 per $100 valuation for tax year 2024 (Fiscal Year 2024-2025). This rate is unchanged from the current tax rate of $0.720000 per $100 valuation set by the City Council for tax year 2023 (Fiscal Year 2023-2024). Because an ad valorem tax rate of $0.720000 per $100 valuation is greater than the no-new-revenue tax rate of $0.690846 per $100 valuation, the State’s “Truth-In-Taxation” laws require a public hearing to be held prior to a vote to set this rate. At the August 20, 2024 meeting, the City Council also adopted an ordinance establishing the date of the public hearing as Tuesday, September 17, 2024 at 7:30 p.m. in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
The meeting to adopt the ad valorem tax rate for tax year 2024 is scheduled for 7:30 p.m. on Tuesday, September 17, 2024 in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536. The regular meeting of City Council will immediately follow the public hearing.
Fiscal/Budgetary Impact:
Ad Valorem tax revenues in the General Fund of the City’s adopted Fiscal Year 2024-2025 budget, including the Industrial District revenues, were established based upon the proposed ad valorem tax rate of $0.720000 per $100 of valuation.
Recommended action
Conduct public hearing on the City’s proposed ad valorem tax rate for tax year 2024.