(9)(c)
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 08/21/2024
- Title:
- Levy Ad Valorem Tax
- Submitted For:
- Cynthia Rushing
- Submitted By:
- Cynthia Rushing, Finance
- Department:
- Finance
Information
ACTION REQUEST
Consider and take action on Ordinance No. 2024-xx, levying an ad valorem tax for the year 2024 for the City of Texas City. (Finance)
BACKGROUND (Brief Summary)
Consider approval of an Ordinance levying an ad valorem tax for the year 2024 for the City of Texas City, Texas, at a rate of $0.488635 per $100 valuation of said property; at the rate of $0.444272 per $100 valuation of said property for the current Maintenance and Operations (M&O) expenses of said City; and, at a rate of $0.044363 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.
RECOMMENDATION
Management recommends adopting a tax rate of $0.488635 per $100 of property value, which is lower than the current rate of $49 per $100 of property value.