Title
Consider an ordinance adopting the 2024 Property Tax Rate for the City of Round Rock. (Second Reading)
Body
This ordinance sets the ad valorem tax rate for the tax year 2024 (for Fiscal Year 2025). The rate is based on the net taxable property value at January 1, 2024, to assess taxes for collection during FY 2024-2025. The proposed tax rate for the 2024 tax year is $0.360000 per $100 valuation. The proposed rate will yield the tax revenues required to fund the FY 2024-2025 Annual Budget as proposed and presented to Council on July 25, 2024.
The 2024 proposed tax rate of $0.360000 exceeds the no new revenue tax rate of $0.331466. The increase in the proposed rate over the no new revenue rate is to provide additional funding for new police officers to maintain good public safety, add fire and parks staff needed for voter approved bond projects, and pay debt service on voter approved general obligation bonds. Under this proposal, total annual City taxes on the median taxable home value of $376,169 will be $1,354.
STATE LAW REQUIRES THAT THE MOTION TO ADOPT THE ORDINANCE BE STATED AS FOLLOWS:
“I move that the property tax rate be increased by the adoption of the tax rate of $0.360000, which is effectively an 8.6 percent increase in the tax rate.”
Summary of Proposed Tax Rate:
Maintenance & Operations (M&O) portion $0.254602
Debt Portion $0.105398
Proposed 2024 Tax Rate $0.360000
2023 Tax Rate $0.342000
2024 No New Revenue Tax Rate $0.331466
2024 Voter Approval Tax Rate $0.360205
State law further requires that a tax rate above the no new revenue tax rate requires a 60% approval by the governing body. For the City of Round Rock, that means five of seven council members must vote yes to approve this item.
If the ordinance sets a...
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