HomeMy WebLinkAboutResolution - 2006-R0390 - Resolution Regarding The Notice Of Public Hearing On Tax Increase - 08_10_2006Resolution No. 2006-RO390
August 10, 2006
Item No. 6.8
RESOLUTION
WHEREAS, the City Council of the City of Lubbock desires to place a proposal
to adopt a property tax rate that will result in additional revenue as outlined in Section
26.05(d) of the Tax Code of the State of Texas on the agenda of a future meeting as an
action item and schedule public hearings; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the Mayor of the City of Lubbock is hereby authorized and directed to
cause publication of the attached "Notice of Public Hearing of Tax Increase" approved
by the City Council as required by law, which said Notice is made a part hereof for all
intents and purposes.
Passed by the City Council this loth
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
APPROVED AS TO FORM:
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August 2, 2006
day of August , 2006.
DAVID A. MILLER, MAYOR
Resolution No. 2006-R035
Notice of Public Hearing on Tax Increase
The City of Lubbock 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 10.35 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 24, 2006 at AM/PM and August 31, 2006 at AM/PM at City Hall - 1625 13th Street.
The members of the governing 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 11.72% increase
Debt service 27.48% increase
Total expenditures 13.07% 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
$9,796,428,287
$10,456,480,492
Total taxable value*** of all property
495,046,755
576,648,226
Total appraised value* of new property**
9,346,613,951
10,002,725,637
Total taxable value*** of new property**
270,178,009
314,906,844
Bonded Indebtedness
Total amount
of outstanding and unpaid bonded indebtedness
$662,324,133
Tax Rates
Adopted tax rate for the preceding tax year $0.447200 per $100 in value
Proposed tax rate for the current tax year $0.479850 per $100 in value
Difference in the proposed tax rate and the adopted tax rate for the preceding tax year $0.032650 per $100 in value
Percentage increase or decrease in the proposed tax rate and the adopted tax rate for the preceding tax year 7.30% increase
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 $89,707 $94,350
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 89,707 94,350
(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 older or disabled) are estimated to be $401.17. 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 $452.74. 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 $51.57 in taxes.
' "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.