Ord 1993-037 - Laserfiche WebLink

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City of San Marcos, Texas /2.'1ÞK Exhibit 6 Notes to General Purpose Financial St2.tements (continued) September 30, 1992 2. Cash, Certificates of Deposit, and Investments (continued) At September 30, 1992, the City's investments were all Category 1 and are summarized as follows, excluding Deferred Compensation Plan investments which are carned at market value of $140,593: Carrying Value ~1arket Value U.S. Treasury securities $ 35,044,494 $ 35,669,641 Obligations of other U.S. Agencies 1,219,408 1,212,998 $ 36,263,902 $ 36,882,639 3. Ad Valorem Property Taxes .. Propeny taxes are levied and become collectible each October 1 based on assessed values as of the prior January 1, which is the date a lien attaches to all real and personal propeny located in the City. The October 1, 1991 levy was based upon 100 percent of the assessed market value of $605,725,571. Taxes become delinquent on February 1 after their levy, at which time penalties and interest begin to accrue. The maximum tax rate permitted by the state of Texas is $2.50 per $100 of assessed valuation, and the City Chane!" provides no limitation within the $2.50. The tax rate for the October 1, 1991 levy was $.5972 ($.4497 for general government and $.1475 for debt service) per $100 of assessed valuation. I During the year ended September 30, 1992, 95% percent of the current tax levy (October 1, 1991) was collected. At September 30, 1992, delinquent propeny taxes receivable totaled $799,610 less allowance for doubtful accounts of $92,770 in the General Fund and $250,557 less an allowance of $27,430 in the Debt Service Fund. The Texas Propeny Tax Code requires all propeny to be assessed on the basis of 100 percent of appraised value. The value of property must be reviewed at least every five years. -21-