Ord 2024-041 setting the tax rate for the 2024 tax year at 60.30 cents on each $100.00 of taxable value of real property that is not exempt from taxation; levying taxes for the use and support of the municipal government of the city (2)

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ORDINANCE NO. 2024-41 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS SETTING THE TAX RATE FOR THE 2024 TAX YEAR AT 60.30 CENTS ON EACH $100 OF TAXABLE VALUE OF REAL PROPERTY THAT IS NOT EXEMPT FROM TAXATION; LEVYING TAXES FOR THE USE AND SUPPORT OF THE MUNICIPAL GOVERNMENT OF THE CITY FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2024, AND ENDING SEPTEMBER 30, 2025; PROVIDING A SINKING FUND FOR THE RETIREMENT OF THE BONDED DEBT OF THE CITY; INCLUDING PROCEDURAL PROVISIONS; AND PROVIDING AN EFFECTIVE DATE. RECITALS: 1. The City Council has proposed an ad valorem tax rate of 60.30 cents on each$100 of taxable value for Tax Year 2024. 2. State law requires the City Council to set the time and place of a public hearing on the City's proposed tax rate. 3. The City Council set September 3, 2024 and September 17, 2024 as the dates of the public hearings on the proposed tax rate and directed staff to publish notice of the public hearings in a newspaper of general circulation in the City. 4. Notice of the public hearing on the proposed tax rate was published in a newspaper of general circulation on August 25, 2024 and the notice included the time and location of the public hearings to be held on September 3,2024 and September 17,2024 at 6:00 p.m. at San Marcos City Hall, 630 E. Hopkins Street, San Marcos, Texas. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The City Council levies,approves, and orders to be assessed and collected for Fiscal Year 2024-2025 on all property in the corporate limits of the City of San Marcos that is not exempt from taxation, a property (ad valorem) tax at the rate of 60.30 per $100 of taxable value. THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX RATE. THE TAX RATE WILL EFFECTIVELY BE RAISED BY 0.02 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $0.09.