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15.
Work Session and Regular Meeting
Meeting Date: 08/09/2016  
Department: Finance  

AGENDA CAPTION:
Present, Discuss, And Consider A Resolution Establishing A Potential Maximum Property Tax Rate Of 0.59 Cents Per $100 Of Property Valuation  For The Town's Fiscal Year Beginning October 1, 2016 And Ending September 30, 2017, And Designating Dates For Public Hearings Regarding The Proposed Budget And Proposed Tax Rate For The 2016-2017 Fiscal Year.
BACKGROUND:
The State’s Truth-in-Taxation law requires that there be a record vote on a proposed Not-To-Exceed tax rate for the upcoming fiscal year (2016/2017). This rate is not the final adopted rate. The record vote on a proposed Not-to-Exceed rate will be on August 9, 2016 at 7:30 pm in Council Chambers.

The State's Truth-in-Taxation law also requires calculation and publication of each taxing entity's effective tax and rollback tax rates. The effective rate, the rate needed to raise the same amount of property tax revenue for the Town from the same properties in FY2016, is $0.545760 per $100 of valuation. The rollback rate, the highest tax rate that the Town may adopt before voters are entitled to petition for an election to limit the rate to the rollback rate, is $0.566192 per $100 of valuation. These rates will be published in the August 12, 2016 edition of the Dallas Morning News: NeighborsGo. Included with this agenda item is a copy of the publication notice.

The City Manager's proposed budget assumes a property tax rate of $0.564131, which exceeds the effective tax rate. Should the Council consider a rate higher than the effective rate, the Truth-in-Taxation law requires a vote of record, publication of the result of the vote of record and two public hearings. Whatever tax rate Council adopts for next year's budget, that rate can be no higher than the potential maximum tax rate established by the vote of record, although it can be less than that rate.

The tax rate public hearings are scheduled for August 30, 2016 and September 6, 2016 at 7:30 pm in Council Chambers. Also, there is a public hearing on the proposed budget on September 6, 2016 at 7:30 pm in Council Chambers. The final vote on the tax rate and adoption of the budget will be on September 13, 2016 in Council Chambers at 7:30 pm.
RECOMMENDATION:
Administration recommends adoption of a potential maximum tax rate of 0.59 cents per $100 of property valuation.
Attachments
Resolution
Public Notice

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