Res 1988-007 - Laserfiche WebLink

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AD VALOREM TAXATION General Features. . . The Bonds and Certificates are payable from an ad valorem tax levied on all taxable property within the taxing unit. Reference is hereby made to the Property Tax Code for identification of property subject to taxation, property exempt or which may be exempted from taxation, the appraisal of property for taxation purposes, and the procedures and limitations applicable to the levy and collection of ad valorem taxes. Among other features, the Property Tax Code contains the following provisions with respect to the assessment of property and the levy and collection of ad valorem taxes: (1) a single appraisal district in each county to appraise property for taxation purposes for all taxing units located wholly or partly within the county; (2) all property is assessed at 100% of its appraised value and the assessment of property on the basis of a percentage of its appraised value is prohibited; (3) the requirement of holding a public hearing when an annual increase in the effective tax rate is more than 3% and subjecting an increase in the effective tax rate to a referendum election when the effective tax rate increase is in excess of 8% (calculated as determined in the manner prescribed therefor) of the previous year's effective tax rate; and (~) the value of property is assessed for purposes of taxation on January 1 of each year and taxes levied each year generally become due and payable on October 1 in each year. Taxable Property and Exemptions. . . All real property located in the taxing unit and certain personal property is taxable property unless exempt by law. With certain exceptions, intangible personal property is not taxable property. Certain property is taxed according to income producing capacity, if claimed, including open space land (ranch and farm land) and timber land. Principal categories of exempt property indude: (1) property owned and used for public purposes by the State of Texas or its political subdivisions; (2) property exempt by federal law; (J) household goods and personal effects not held or used in the production of income; (~) certain property owned by charitable organizations, youth development associations, and religious organizations; (,) certain properties used for school purposes; (6) solar and wind-powered energy devices; (7) farm products, livestock, and poultry in the hands of the producer, and family supplies for home and farm use; (8) implements of husbandry used in the production of farm and ranch products; (9) personally owned automobiles (unless affirmatively provided to be taxed by the taxing entity); and (10) property owned by disabled veterans or by the surviving spouse and surviving minor children of disabled veterans is exempt from taxation in amounts ranging from $1,500 to $3,000 depending on the disability rating of the veteran. Additionally, a percentage of the value of the residence homestead of a person may be exempt from taxation at the option of the governing body of the taxing entity, such exemption not to exceed 30% for the years 1985 through 1987 and 2096 in 1988 and each subsequent year. Minimum exemption is $',000. Furthermore, not less than $3,000 of the market value of the residence homestead of a person 65 years of age or older and certain disabled persons may be exempt from taxation, if such exemption is allowed by the governing body of the taxing entity or imposed by referendum election. . For property to be exempt from taxation, a claim for exemption must be filed, except with respect to property owned by the State or its political subdivisions, property exempt by federal law, household goods and personal effects, family supplies, farm products, implements of farming and ranching, and automobiles. 1. The Property Tax Code as Applied to the City of San Marcos Beginning in 1982, the Hays County Appraisal District was responsible for appraising property in the City as well as other taxing units in the county. The Hays County Appraisal District is governed by a board of five directors appointed by votes of the governing bodies of Hays County, the City and other cities, towns and school districts in the Appraisal District with votes weighted by relative tax levy. The City does not tax personal automobiles. The City collects its own taxes. The City has opted to assess the additional 1596 penalty on delinquent taxes. The City's next full revaluation will be for the 1988 tax year. 2. 3. ~. ,. -8-