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City of Colleyville
Agenda
City Council
City Hall
100 Main Street
Colleyville, Texas 76034
817. 503.1000
www.colleyville.com
Tuesday, August 12, 2008
8:30 AM
CITY COUNCIL CHAMBERS
SPECIAL MEETING
1. CALL TO ORDER
2. READING AND PUBLIC HEARING
2a R-08-2996 Approval of a proposal to set the ad valorem tax rate for Fiscal Year
2009 at $.3559 per hundred dollars of valuation and setting dates for
two public hearings on the Fiscal Year 2009 tax rate
3. ADJOURNMENT:
I hereby certify the above agenda was posted on the bulletin boards at City Hall on Friday,
August 8, 2008, by 5:00
Cynthia Singleton, TRMC, CMC
City Secretary
Any matter on this agenda may, at the discretion of the governing body, be opened for public
comment and discussion.
If you plan to attend this public meeting and have a disability that requires special
accommodations, please advise the City Secretary at least 48 hours in advance at
817.503.1133, and reasonable accommodations will be made to assist you.
City of Colleyville Page 1 Printed on 8/8/2008
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File Number: R-08-2996
File Number: R-08-2996
Version: 1
File Type: Resolution
Agenda Date: 08/12/2008
Requester: Finance Department Agenda No.: 2a
Status: Resolution
Controlling Body: City Council
Final Action:
File Name: Approval of a proposal to set the ad valorem tax rate for Fiscal Year 2009 at $.3559 per hundred
dollars of valuation and setting dates for two public hearings on the Fiscal Year 2009 tax rate
Attachments: Resolution R-08-2996.pdf
History of Legislative File
Version: Date: Acting Body: Action Text:
08/12/2008 City Council
Title
Approval of a proposal to set the ad valorem tax rate for Fiscal Year 2009 at $.3559 per
hundred dollars of valuation and setting dates for two public hearings on the Fiscal Year
2009 tax rate
Explanation
Reading and Public Hearing
Chapter 26, Texas Property Tax Code, requires taxing units to comply with
"Truth-in-Taxation" laws in setting tax rates and perform an effective tax rate calculation. If
the proposed tax rate is greater than the effective tax rate, legislation requires that before
the public hearing to adopt the tax rate can be held, two additional public hearings must be
held and notices of the meetings be published. The Fiscal Year 2009 (FY 2009) proposed
tax rate is $.3559 per hundred dollars of valuation and the calculated effective tax rate is
$.344078. As the calculated effective tax rate is lower than the proposed tax rate of $.3559
per hundred dollars of valuation, two additional public hearings must be held.
The FY 2009 proposed tax rate is $.3559 per hundred dollars of valuation. This tax rate is
unchanged from FY 2008 to FY 2009. The average residential value for FY 2008 was
$375,211 and the average residential value for FY 2009 is $391,133. This equates to an
annual property tax adjustment of $56.67 to support city services, or an adjustment of $.15
per day. Principally driving the increase in average property value between FY 2008 and FY
2009 was higher permit values for new residential constructions as the average value of
homes constructed in FY 2008 was over $500,000. The average value for existing property.
increased 2.99%.
To comply with taxation requirements for these public hearings and the notices of the
hearings, it is required the City Council pass a resolution reflecting its intention to adopt a
tax rate of $.3559 per hundred dollars of valuation and set two public hearings on the tax
City of Colleyville Page 7 Printed on 8/8/2008
Agenda Briefing Continued (R-08-2996)
rate. The vote on this resolution must be taken as a record vote. The notice of public
hearing will be published on Tuesday, August 19, 2008, in the Fort Worth Star-Telegram.
The resolution presented is pursuant to Sections 26.05 and 26.06 of the Texas Property
Tax Code calling for the approval of a proposal to set the ad valorem tax rate at $.3559 per
hundred dollars of valuation and calling two public hearings. The first meeting will be held
on Tuesday, August 26, 2008, at 7:00 p.m. and the second meeting will be held on
Tuesday, September 2, 2008, at 7:30 p.m. The tax rate will be adopted on Tuesday,
September 16, 2008.
As a point of reference, the effective tax rate calculation set the interest and sinking rate
(Debt Service Fund rate) at $.067305. The remainder of the tax rate of $.288595 will be
allocated to operations and maintenance (General Fund rate). The ordinance adopting the
FY 2009 tax rate will reflect these rates as required by the effective tax rate calculation.
Financial Impact
Notice of intent to adopt FY 2009 tax rate of $.3559 per hundred dollars of valuation.
Recommendation
Approval
City of Colleyville Page 2 Printed on 8/8/2008
RESOLUTION R-08-2996
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS
PASSED PURSUANT TO SECTION 26.04, SECTION 26.05 AND SECTION 26.06 OF
THE PROPERTY TAX CODE OF THE STATE OF TEXAS, APPROVING A
PROPOSAL TO SET PROPERTY TAX RATES AT THIRTY FIVE AND FIFTY-NINE
HUNDREDTHS CENTS ($.3559) PER ONE HUNDRED DOLLARS VALUATION FOR
FISCAL YEAR 2009; DIRECTING THAT NOTICE BE GIVEN IN ACCORDANCE
WITH THE PROPERTY TAX CODE; SETTING TWO PUBLIC HEARINGS ON THE
PROPOSED TAX RATE AND PROVIDING FOR AN EFFECTIVE DATE
WHEREAS, the Tax Assessor/Collector for the City of Colleyville, Texas (the "City"), has
calculated the amount of the effective tax rate and the rollback tax rate
pursuant to Section 26.04(c) of the Property Tax Code of the State of Texas
(the "Property Tax Code"); and
WHEREAS, pursuant to Section 26.04(e) of the Property Tax Code, the said tax rates
have been submitted to the City Council; and
WHEREAS, it appears necessary to adopt a tax rate of thirty five and fifty-nine hundredths
cents (.3559) per one hundred dollars of valuation, which will raise greater
tax revenue than it did in Fiscal Year 2008 although the proposed tax rate is
unchanged from Fiscal Year 2008.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Sec. 1. THAT the City Council does hereby, by the approval of this resolution, state
its intention to adopt a tax rate for Fiscal Year 2009 of thirty five and fifty-nine
hundredths cents (.3559) per one hundred dollars of valuation.
Sec. 2. THAT in order to comply with Section 26.05(d) and Section 26.06 of the
Property Tax Code, two public hearings on this proposed tax rate will be held
on August 26, 2008 at 7:00 p.m. and September 2, 2008 at 7:30 p.m. in the
Council Chambers, 100 Main Street, Colleyville, Texas, which date shall not
be earlier than seven (7) days after the date the notice of the public hearing
on the proposed increase is given.
Sec. 3. THAT the City Secretary is directed to publish a notice of this hearing in the
official city newspaper at least seven (7) days prior to the date of the first
public hearing in accordance with Section 26.06 of the Property Tax Code.
Sec. 4. THAT this resolution shall take effect from and after the date of its passage.
Resolution R-08-2996
Page 2 of 2
AND IT IS SO RESOLVED.
APPROVED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS, THIS
THE DAY OF 2008, BY THE FOLLOWING VOTE:
David Kelly
Tony Licata
Jon Ayers
Mike Taylor
Carol Wollin
Stan Hall
Tom Hart
ATTEST:
Cynthia Singleton TRMC, CMC
City Secretary
CITY OF COLLEYVILLE
David Kelly
Mayor