Ord 1993-037 - Laserfiche WebLink

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12~8"" Ten Largest Taxpayers 1992/93 % of Total Taxable Taxable Assessed Assessed Name of Taxpaver Nature of Property Valuation Valuation National Oil Well Oil Field Equipment Manufacturer $17.673,170 2.87% Thermon Manufacturing Co. Manufacturing Plant 9,265,890 1.50% San Marcos Telephone Co. Telephone Utility 8,936,840 1.45% Composite Technology Engine Corp. Manufacturing Plant 8,925,630 1.45% Rohr Company Manufacturing Plant 7,645,320 1.24% Kroger Company d/b/a P~yton Ind. Food Distribution Center 6,158,610 1.00 % Parkview Metal Products Manufacturing Plant 4,050,680 0.66% H. E. Butts Grocery Warehouse 3,819,704 0.62% Outlook Growth Fund Apartment Complex 3,627,180 0.59% BMC Real Estate, Inc. Real Estate Property 3.618.120 0.58% $73,721,144 11.96 % Tax Rate Limiætion All taxable property within the City is subject to the assessment, levy and collection by the City of a continuing, direct annual ad valor<:'m tax sufficient to provide for the payment of principal of and interest on all ad valorem tax debt within the limits prescribed by law. Article XI, Section 5, of the State Constitution provides for a maximum ad valorem tax rate of $2.50 per $100 assessed valuation for all city purposes. The City operates under a Home Rule Charter which adopts the constitutional provisions. By each September I or as soon thereafter as practicable, the City CoUncil adopts a tax rate per $100 taxable value for the CUITent year. The tax rate consists of two components: (I) a rate for funding of main~enance and operation expenditures, and (2) a rate for debt service. Under the Property Tax 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 has held a public hearing on the proposed increase following notice to the taxpayers and otherwise complied with the Property Tax Code. If the adopted tax rate exceeds the rollback tax 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 CUITent year to the rollback tax rate. "Effective tax rate" means the rate that will produce last year's total tax levy (adjusted) from this year's total taxable values (adjuskd). "Adjusted" means lost values are not included in the calculation of last year's taxes and new values are not included in this year's taxable values. "Rollba.:k tax rate" means the rate that will produce last year's maintenanœ and operation tax levy (adjusted) from this year's values (adjusted) multiplied by 1.08 plus a rate that will produce this year's debt service from this year's values (unadjusted) divided hy the anticipated tax colle.:tion rates. , The Property Tax Code provides that certain cities and counties in the State may submit a proposition to the voters to authorize an additíonal one-half .:ent sales tax on retail sales of taxable items. If the additional tax is levied, the effective tax rate and the rollback tax rate calculations are required to be offset by the revenue that will be generated by the sales tax in the CUITent year. The City does collect the additional one-half cent sales tax. Reference is made to the Property Tax Code for definitive requirements for the levy and collection of ad valorem taxes and the calculation of the various defined tax rates. 17