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Item # 10.
         
Work Session and Regular Meeting
Meeting Date: 08/28/2018  
Department: Finance  
Pillars: Gold Standard in Financial Health
Milestones: Leverage Addison's unique assets to grow and expand placemeaking and events that will set Addison apart and attract talent and businesses

AGENDA CAPTION:
Hold a Public Hearing, Present, and Discuss the Town of Addison's Proposed Property Tax Rate for the Fiscal Year Commencing October 1, 2018 and Ending September 30, 2019.
BACKGROUND:
This is the first of two public hearings regarding the proposed tax rate for the Town of Addison. The second public hearing will be held on September 4, 2018 at 5:00 pm in the Council Chambers.

The proposed property tax rate for the Fiscal Year (FY) 2019 is $0.550000 per $100 of valuation. The proposed rate is made of the following components:
 
Tax Rate Component Amount (per $100 of valuation)
Maintenance & Operations:  General Fund $0.377435
Maintenance & Operations:  Economic Development $0.023716
Maintenance & Operations:  Infrastructure Investment $0.006201
Interest & Sinking (Debt) $0.142648
Total Proposed Rate for the FY2019 $0.550000
  
The State's Truth-in-Taxation law also requires calculation and publication of each taxing entity's effective tax and rollback tax rate:
 
Tax Rate Definition Amount (per $100 of valuation)
Effective Tax Rate Rate needed to raise the same amount of property tax revenue for the Town from the same properties in 2018. $0.527064
Rollback Tax Rate 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. $0.553323
 
These rates were published in the August 17, 2018 edition of the Dallas Morning News. Included with this agenda item is a copy of the publication notice.
 
The City Manager's proposed budget recommends a property tax rate of $0.550000 per $100 valuation, which exceeds the effective tax rate.  This proposed rate is the same as last year’s adopted rate of $0.550000 per $100 of valuation.
 
The average home value for the Town of Addison is $319,582, which generate a tax bill of $1,757.70.   Last year, the average home value was $299,911 which generated a tax bill of $1,649.51.  The average tax payer would pay about $108.19 more in property taxes than last year.  Individual taxes may increase or decrease depending on the change in the taxable value of your property.
 
Two public hearings on the proposed budget will be held on September 4, 2018 at 5:00 pm and September 11, 2018 at 7:30 pm in the Council Chambers. The City Council is scheduled to consider adoption of the proposed tax rate and budget on September 11, 2018 during a meeting of the Council to be held in Council Chambers at 7:30 pm. 
RECOMMENDATION:
Information only, no action required.
Attachments
Presentation - Proposed Fiscal Year 2019 Tax Rate
Notice - Proposed Fiscal Year 2019 Tax Rate

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