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<br />TAX RATE LIMITATION
<br />
<br />All taxable property within the City is subject to the assessment, levy and collection by the City of a
<br />continuing, direct annual ad valorem tax sufficient to provide for the payment of principal of and interest
<br />on the Bonds and Certificates within the limits prescribed by law. Article XI, Section 5, of the Texas
<br />Consti tution is applicable to the City, and limits the maximum ad valorem tax rate to $2.50 per $lOO
<br />Assessed Valuation for all City purposes. The Charter of the City also limits its tax rate to $2.50 per
<br />$100 Assessed Valuation. .. for all City purposes. Under rules promulgated by the Office of the Attorney
<br />General of Texas, such Office will not approve tax bonds of the City unless the City can demonstrate its
<br />ability to pay debt service requirements on aU outstanding City tax bonds, including the issue to be
<br />approved, from a tax levy of $1.50 per $100 of valuation, based on 90% collection of the tax.
<br />
<br /> TAX DATA
<br /> (Year Ending 9-30)
<br /> Distribution
<br />Tax Tax General Interest and % Current % Total
<br />Year Rate Fund Sinkin~ Fund Tax Levy CoHections * Collections
<br />1977/78 $1.30 $1.12 $0.18 $1,366,968 90.21% 104.53%
<br />1978/79 1.30 1.18 0.12 1,420,263 89.3096 98.99%
<br />1979/80 1.30 1.18 0.12 1,476,249 91.0096 100.61%
<br />1980/81 1.42 1.25 0.17 1,714/311 90.14% 100.76%
<br />1981/82 1.03 0.89 0.14 1,986,801 89.23% 10 1.08%
<br />1982/83 0.65 0.59 0.06 2,391,685 90.0096 100.44%
<br />1983/84 0.68 0.62 0.06 2,693,541 85.0096 100..50%
<br />1984/8.5 0.76 0.611 0.12 3,4.58,491 86.2896 102.90%
<br />1985/86 0.76 0.63 0.13 3,804,710 8.5.37% 99.8.5%
<br />1986/87 0.49 0.41 0.08 3,827,941 82.30% 97.91 %
<br />1987/88 0.119 0.39 0.10 3,876,804 27.4696** 28.811%**
<br />
<br />* Current collections are calculated up to the delinquent date only.
<br />** Collection rates as of December 31, 1987.
<br />
<br />Property within the City is assessed as of January 1 of each year; taxes become due October 1 of the
<br />same year, and become delinquent on February 1 of the foUowing year. Split payments are not permitted.
<br />Discounts are not aUowed.
<br />
<br />Charges for penalty and interest are made as follows:
<br />
<br />Month
<br />February
<br />March
<br />April
<br />May
<br />June
<br />July
<br />
<br />Penalty
<br />696
<br />796
<br />896
<br />996
<br />1096
<br />1296
<br />
<br />Interest
<br />196
<br />296
<br />396
<br />1196
<br />.596
<br />696
<br />
<br />Total
<br />--r96
<br />996
<br />1196
<br />1396
<br />1596
<br />1896
<br />
<br />MUNICIPAL SALES TAX
<br />
<br />The City has adopted the provisions of Article 1066c, Vernon's Texas Civil Statutes, as amended, which
<br />grants the City the power to impose and levy a 1 1/296 Local Sales and Use Tax (effective 1-1-88) within
<br />the City, the proceeds being credited to the General Fund. Collections and enforcements are effected
<br />through the offices of the ComptroUer of Public Accounts, State of Texas, who remits the proceeds of the
<br />tax, after deduction of a 296 service fee, to the City monthly. Revenue from this source has been:
<br />
<br />Fiscal
<br />Year
<br />Ending
<br />9-30
<br />1"977
<br />1978
<br />1979
<br />1980
<br />1981
<br />1982
<br />1983
<br />19811
<br />1985
<br />1986
<br />1987
<br />
<br />Total
<br />Collected
<br />$ 474,481
<br />54.5,467
<br />633,.594
<br />804,033
<br />878,369
<br />1,123,309
<br />1,30.5,.517
<br />1,.535,273
<br />1,759,830
<br />1,848,274
<br />1,629,912
<br />
<br />96 of
<br />Ad Valorem
<br />Tax Levy
<br />36.3196
<br />39.9096
<br />44.6196
<br />.54.4696
<br />51.2496
<br />56..5496
<br />.54..5996
<br />57.0096
<br />.50.8896
<br />48..5896
<br />42.6096
<br />
<br />- 13 -
<br />
<br />Equivalent of
<br />Ad Valorem
<br />Tax Rate
<br />$0.472
<br />0..519
<br />0..580
<br />0.708
<br />0.728
<br />0..582
<br />0.3.5.5
<br />0.388
<br />0.386
<br />0.369
<br />0.209
<br />
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