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(10)(a)
CITY COMMISSION REGULAR MTG
Meeting Date:
08/17/2022
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. 2022-18, levying an ad valorem tax for the year 2022 for the City of Texas City. (Finance)
BACKGROUND (Brief Summary)
Consider approval of an Ordinance levying an ad valorem tax for the year 2022 for the City of Texas City, Texas, at a rate of $0.49 per $100 valuation of said property; at the rate of $0.440064 per $100 valuation of said property for the current Maintenance and Operations (M&O) expenses of said City; and, at a rate of $0.049936 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
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.
Fiscal Impact
Attachments
Tax Rate 2022
Ordinance
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