(9)(b)
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 08/16/2023
- Title:
- Levy Ad Valorem Tax
- Submitted For:
- Laura Boyd
- Submitted By:
- Laura Boyd, Finance
- Department:
- Finance
Information
ACTION REQUEST
Consider and take action on Ordinance No. 2023-30, levying an ad valorem tax for the year 2023 for the City of Texas City. (Finance)
BACKGROUND (Brief Summary)
Consider approval of an Ordinance levying an ad valorem tax for the year 2023 for the City of Texas City, Texas, at a rate of $0.49 per $100 valuation of said property; at the rate of $0.387350 per $100 valuation of said property for the current Maintenance and Operations (M&O) expenses of said City; and, at a rate of $0.102650 per $100 valuation of said property for Interest and Sinking (I&S) expenses of said City.
The vote on adoption of the tax rate can take place at the same meeting as the public hearing.
Texas Tax Code section 26.06(e) requires the meeting to vote on adoption of the tax rate take place no less than the seventh day after the public hearing.
The vote on adoption of the tax rate can take place at the same meeting as the public hearing.
Texas Tax Code section 26.06(e) requires the meeting to vote on adoption of the tax rate take place no less than the seventh day after the public hearing.
RECOMMENDATION
Due to anticipated cost increases due to inflation and contractual obligations, management is recommending adopting a tax rate of $0.49 per $100 of property value, which is the same as the current rate.