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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 />Constitution is applicable to the City, and limits the maximum ad valorem tax rate to $2.50 per $100
<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 all 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 Sinkin9; Fund Tax Levy Collections * Collections
<br />1977/78 ~ $1.12 $0.18 $1,366,968 90.21 % 104.53%
<br />1978/79 1.30 1.18 0.12 1,420,263 89.30% 98.99%
<br />1979/80 1.30 1.18 0.12 1,476,249 91.00% 100.61%
<br />1980/81 1.42 1.25 0.17 1,714,311 90.14% 100.76%
<br />1981/82 L03 0.89 0.14 1,986,801 89.23% 101.08%
<br />1982/83 0.65 0.59 0.06 2,391,685 90.00% 100.44%
<br />1983/84 0.68 0.62 0.06 2,693,541 85.00% 100..50%
<br />1984/85 0.76 0.64 0.12 3,458,491 86.2896 102.90%
<br />1985/86 0.76 0.63 0.13 3,804,710 85.37% 99.85%
<br />1986/87 0.49 0.41 0.08 3,827,941 82.30% 97.91%
<br />1987/88 0.49 0.39 0.10 3,876,804 27.46%** 28.84%**
<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 following year. Split payments are not permitted.
<br />Discounts are not allowed.
<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 />Penal ty
<br />6%
<br />7%
<br />8%
<br />9%
<br />10%
<br />12%
<br />
<br />Interest
<br />1%
<br />2%
<br />3%
<br />4%
<br />5%
<br />6%
<br />
<br />Total
<br />----r%
<br />9%
<br />11%
<br />13%
<br />15%
<br />18%
<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 1/2% 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 Comptroller of Public Accounts, State of Texas, who remits the proceeds of the
<br />tax, after deduction of a 2% service fee, to the City monthly. Revenue from this source has been:
<br />
<br />Fiscal
<br />Year
<br />Ending
<br />9-30
<br />1977
<br />1978
<br />1979
<br />1980
<br />1981
<br />1982
<br />1983
<br />1984
<br />198.5
<br />1986
<br />1987
<br />
<br />Total
<br />Collected
<br />$ 474,481
<br />545,467
<br />633,594
<br />804,033
<br />878,369
<br />1,123,309
<br />1,305,517
<br />1,535,273
<br />1,759,830
<br />1,848,274
<br />1,629,912
<br />
<br />% of
<br />Ad Valorem
<br />Tax Levy
<br />36.31%
<br />39.90%
<br />44.61%
<br />54.46%
<br />.51.24%
<br />56.54%
<br />.54..59%
<br />57.00%
<br />.50.88%
<br />48..58%
<br />42.60%
<br />
<br />- 22-
<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 />0.35.5
<br />0.388
<br />0.386
<br />0.369
<br />0.209
<br />
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