Title
Consider an ordinance adopting the 2022 Property Tax Rate for the City of Round Rock. (Second Reading)
Body
This ordinance sets the ad valorem tax rate for the tax year 2022 (for Fiscal Year 2023). The rate is based on the net taxable property value at January 1, 2022, to assess taxes for collection during fiscal year 2022/23. The proposed tax rate for the 2022 tax year is $0.342000 per $100 valuation. The proposed rate will yield the tax revenues required to fund the 2022/23 Annual Budget as proposed and presented to Council on July 28, 2022.
The 2022 proposed tax rate of $0.342000 exceeds the no new revenue tax rate of $0.326408. The increase in the proposed rate over the no new revenue rate is to provide additional funding for additional public safety as well as voter approved debt payments for the new public library. Under this proposal, total annual City taxes on the median taxable home value of $369,169 will be $1,263.
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 $0.342000, which is effectively a 4.8 percent increase in the tax rate.”
Summary of Proposed Tax Rate:
Maintenance & Operations (M&O) portion $0.224400
Debt Portion $0.117600
Proposed 2022 Tax Rate $0.342000
2021 Tax Rate $0.397000
2022 No New Revenue Tax Rate $0.326408
2022 Voter Approval Tax Rate $0.363244
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 tax rate that will impose an amount of taxes to fund M&O expenditures of the taxing uni...
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