Title
Public Hearing #1 on 2019 Tax Year Ad Valorem Tax Rate.
Body
Summary:
On August 20, 2019, 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 2019 (Fiscal Year 2019-2020). This rate is unchanged from the current tax rate of $0.720000 per $100 valuation set by the City Council in tax year 2018 (Fiscal Year 2018-2019). Because an ad valorem tax rate of $0.720000 per $100 valuation is greater than the effective tax rate of $0.681897 per $100 valuation, the State’s “Truth-In-Taxation” laws require two (2) public hearings to be held prior to a vote to set this rate. Also on August 20, 2019, the City Council adopted an ordinance establishing the dates of those public hearings as follows:
Public Hearing #1: Tuesday, September 10, 2019 at 5:30 p.m. in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
Public Hearing #2: Tuesday, September 17, 2019 at 7:30 p.m. in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
Finally, the meeting to adopt the ad valorem tax rate for tax year 2019 is scheduled for 5:30 p.m. on Monday, September, 23, 2019 in Council Chambers, City Hall, 710 E. San Augustine, Deer Park TX 77536.
Fiscal/Budgetary Impact:
Ad Valorem tax revenues in the General Fund of the City’s adopted Fiscal Year 2019-2020 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 #1 on the City’s proposed 2019 tax year ad valorem tax rate.