Res 1995-121 - Laserfiche WebLink

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(DlP The Financial Institutions Reform, R=very and Enforcement Act of 1989 (FIRREA), enacted on August 9, 1989, contains certain provisions which affect the time for protesting property valuations, the fixing of tax liens and the collection of penalties and interest on delinquent taxes on real property owned by the FDIC and the RTC. Under FlRREA, real property held by the FDIC or RTC is still subject to ad valorem taxation, but (i) no real property of the FDIC or RTC is subject to foreclosure or sale without the consent of the FDIC or RTC and no involuntary lien will attach to such property, (ü) the FDIC or RTC is not liable for any penalties or fines, including those arising fÌ"om the failure to pay any real property tax when due and (ill) notwithstanding the failure of a person to challenge an appraisal in accordance with State law, such value will be determined as of the period for which such tax is imposed. Principal Taxpayers 1994/95 % of Total Taxable Ta.xable Assessed Assessed Name ofTaxDaver Nature ofProDertv Valuation Valuation RE. Butt Warehouse Warehouse S 28,346,077 3.77% ROHR FITA Manufacturing Plant 12,750,450 1.69% National Oilwell Oil & Gas 12,125,541 1.61% San :Marcos Telephone Co. Utility 9,590,760 1.27% Thermon Manufacturing Co. Manufacturing Plant 9,526,560 1.27% CF AN Company Manufacturing Plant 8,992,650 1.20% CTEC" Manufacturing Plant 7,798,630 1.04% Tanger Properties LP Real Estate 6,248,710 0.83% Kroger dba Peyton Ind. Food Distribution Center 6,158,610 0.82% Sophie Property Ltd. Real Estate 5,604,770 0.75% Village on the River Apartments Apartment Complex 5,413,800 0.72% San Marcos Factory Stores Outlet:Mall 5,045,730 0.67% ROHR, Inc. Manufacturing Plant 4.888.190 0.65% $ 122,490,478 16.28% ~ "'In February 1993, CFAN purchased the assets ofCTEC. CTEC is to remain in operation until the end of 1995 at which time the employees ""ill be retained by CF AN and the residual assets will flow to the present company of CF AN which. is G.E. Tax Rate Limitation All taxable property within the City is subject to the assessment, levy and collection by the City of a continuing, direct annual ad valorem tax sufficient to provide for the payment of principal of and interest on all ad valorem t.a.x debt within the limits prescribed by law. Article xr. Section 5, of the Texas Constitution is applicable to the City, and limits its maximum ad valorem tax rate of $2.50 per S100 Assessed Valuation for all City purposes. The City operates under a Home Rule Charter which adopts the constitutional provisions. By each Septembcr- 1 or as soon thereafter as practicable, the City Council adopts a tax rate per $100 ta.xable value for the current year. The ta.x rate consists of two components: (1) a rate for fiÍnding of maintenance and operation expenditures, and (2) a rate for debt service. Under the Ta.x Code: The City must annually calculate and publicize its "effective tax rate" and "rollback tax rate." The City Council may not adopt a tax rate that exceeds the lower of the rollback tax rate or 103% of the effective tax rate until it bas held a public hearing on the proposed increase following notice to the taxpayers and otherwise complied with the Tax Code. If the adopted tax rate e.xceeds the rollback ta.x rate the qualified voters of the City by petition may require that an election be held to determine whether or not to reduce the tax rate adopted for the current year to the rollback ta.x rate. "Effective ta.x rate" means the rate that will produce last year's total tax levy (adjusted) trom this year's total t.a.xable values (adjusted). "Adjusted" means lost values are not included in the calculation oflast year's ta.xes and new values are not included in this year's ta.xable values. "Rollback ta.x rate" means the rate that will produce last year's maintenance and operation tax levy (adjusted) trom this year's values (adjusted) multiplied by 1.08 plus a rate that will produce this year's debt service fÌ"om this year's values (unadjusted) divided by the anticipated tax collection rates. /