R2007-119 2007-08-13
RESOLUTION NO. R2007 -119
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PEARLAND,
TEXAS, PLACING ON THE AGENDAS OF SEPTEMBER 4, 2007 AND
SEPTEMBER 10,2007 CITY COUNCIL MEETINGS, CONSIDERATION OF
THE PROPOSED FISCAL YEAR 2007-2008 TAX RATE AND SETTING
THE PUBLIC HEARINGS ON THE TAX RATE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. Thatthe agendas of the September4, 2007 and September 10,2007,
City Council meetings shall include consideration of the proposed fiscal year 2007-2008
tax rate of $.6526 per $100.00 valuation.
Section 2. That public hearings on said proposed tax rate are scheduled for
August 27,2007, and September 4,2007, at 6:30 p.m.
PASSED, APPROVED and ADOPTED this the 13th day of August, A.D., 2007.
~C??rIr:1
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
G~ N. G-t.-
DARRIN M. COKER
CITY ATTORNEY
Notice of Public Hearing on Tax Increase
Th.CITY OF PEARLAND will hold a public hearing on a proposal to increase total tax revenues from properties on the tax roll in the preceding tax year by 5.83 percent(percentage
by which proposed tax rate exceeds lower of rollback tax rate or effective tax calculated under Chapter 26,Tax Code). Your individual taxes may increase at a greater or lesser rate,
or even decrease,depending on the change in the taxable value of your property in relation to the change in taxable value of all other property and the tax rate that is adopted.
The public hearing will be held on August 27,2007 at and September 4,2007 at at City of Pearland,TX City Hall.
The members of the goveming body voted on the proposal to consider the tax increase as follows:
FOR:
AGAINST:
PRESENT and not voting:
ABSENT:
Comparison of Proposed Budget with Last Year's Budget
The applicable percentage increase or decrease(or difference)in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during
the current tax year is indicated for each of the following expenditure categories:
Maintenance and operations 14.68% increase/
Debt service 18.88% increase
Total expenditures 15.86% increase
Total Appraised Value and Total Taxable Value
as calculated under section 26.04,Tax Code
Preceding Tax Year Current Tax Year
Total appraised value*of all property $5,053,170,060 $6,102,278,473
Total appraised value*of new property** $425,988,588 $490,241,140•
Total taxable value***of all property $4,413,424,110 $5,394,765,519
Total taxable value***of new property** $423,200,548 $427,442,344
Bonded Indebtedness
Total amount of outstanding and unpaid bonded indebtedness$231,030,000.00
Tax Rates
Adopted tax rate for the preceding tax year $0.652659 per$100 in value
Proposed tax rate for the current tax year $0.652600 per$100 in value
Difference in the proposed tax rate and the adopted tax rate for the preceding tax year $(0.000059) per$100 in value
Percentage increase or decrease in the proposed tax rate and the adopted tax rate for the preceding tax year (0.01)% (Decrease)
These tax rate figures are not adjusted for changes in the taxable value of property.
• Comparison of Residence Homestead Values
Average appraised and taxable values on residence homesteads are compared from the preceding tax year and the current tax year.
Preceding Tax Year Current Tax Year
Average residence homestead appraised value $164,387 $174,900
Homestead exemption amount for the taxing unit $0 $0
(excluding special exemptions for persons 65 years of age or older or disabled)
Average taxable value of a residence homestead $164,387 $174,900
(excluding special exemptions for persons 65 years of age or older or disabled)
Comparison of Residence Homestead Taxes
The taxes that would have been imposed in the preceding tax year on a residence homestead at the average appraised value(excluding special exemptions for persons 65 years of age or
:!Mer or disabled)are estimated to be$1,072.89. The taxes that would be imposed in the current tax year on a residence homestead appraised at the average appraised value in the
current tax year(excluding special exemptions for persons 65 years of age or older or disabled),if the proposed tax rate is adopted,are estimated to be$1,141.40. The difference
Between the amount of taxes on the average residence homestead in the current tax year,if the proposed tax rate is adopted,and the preceding tax year would be an increase of$68.51 in
"Appraised value"is the amount shown on the appraisal roll and defined by Section 1.04(8),Tax Code.
** "New property"is defined by Section 26.012(17),Tax Code.
*** "Taxable value"is defined by Section 1.04(10),Tax Code.