Ord 1993-038 - Laserfiche WebLink

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J 5fJt.. I. ~~\\. l..arg~t ~axpayers 1992/93 % of Total Taxable Taxable Assessed Assessed Name of Taxpayer Nature of Propertv Valuation Valuation . National Oil Well Oil Field Equipment Manufacturer $17,673,170 2.87% Thennon 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 Peyton Ind. Food Distribution Center 6,158,610 1.00% Pad,view 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 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 tax debt within the limits prescribed by law. Article XI, Section 5 of the State Constitution provides for 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 1 or as soon thereafter as practicable, the City Council adopts a tax rate per $100 taxable value for the current year. The tax rate consists of two components: (1) a rate for funding of maintenance 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 detennine whether or not to reduce the tax rate adopted for the current 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 (adjusted). "Adjusted" m.::ans lost values are not included in the calculation of last year's taxes and n.::w values are not includ.::d in this year's taxable valu.::s. "Rollback tax rate" m.::ans the rate that will produce last year's maintenance and operation tax levy (adjusted) from this y.::ar's values (adjusted) multipli.::d by 1.08 plus a rat.:: that will produce this year's debt service from this year's values (unadjusted) divided by the anticipated tax collection rate. The Property Tax Code provides that certain citi.::s and counties in the Stat.:: may submit a proposition to th.:: voters to authorize an additional on.::-half cent sales tax on retail sales of taxabl.:: it.::ms. If th.:: additional tax is levied, the effective tax rate and the rollback tax rat.:: calculations are required to b.:: offset by the rev.::nue that will be generated by the sales tax in th.:: current year. The City do.::s collect the additional one-half cent sal.::s tax. Reference is mad.:: 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. A - 8