HomeMy WebLinkAboutOrdinance - 2015-O0095 - Setting Tax Rate - 09/10/2015First Reading
September 2, 2015
Second Reading
September 10, 2015
Item No. 3.4 Item No. 7.3
ORDINANCE NO. 2015-00095
AN ORDINANCE SETTING THE TAX RATE AND LEVYING A TAX UPON
ALL PROPERTY SUBJECT TO TAXATION WITHIN THE CITY OF LUBBOCK,
TEXAS, FOR THE YEAR 2015; APPORTIONING SAID LEVY AMONG THE
VARIOUS FUNDS AND ITEMS FOR WHICH REVENUE MUST BE RAISED;
FIXING THE TIMES IN WHICH SAID TAXES SHALL BE PAID AND ASSESSING
PENALTY AND INTEREST FOR NONPAYMENT OF SUCH TAXES WITHIN THE
TIME PROVIDED.
WHEREAS, after all notices have been given and hearings held as provided by
law, the City Council has determined the tax rate necessary to produce the revenue
necessary to operate the affairs of the City of Lubbock for the next fiscal year; NOW
THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT there shall be levied and assessed upon all property subject
to taxation within the City of Lubbock, Texas, for the year 2015 the sum of $0.53802 per
One Hundred and No/100s Dollars ($100.00) valuation thereof and the same shall be
applied to the various funds in the following manner:
$0.12267 per $100 valuation to the Interest and Sinking Fund;
$0.39220 per $100 valuation to the General Fund; and
$0.02315 per $100 valuation to the Economic Development Fund.
SECTION 2. THAT all ad valorem taxes shall be paid before the first day of
February 2016, and taxes not paid by that time shall be increased by such penalty and
interest as is provided by Chapter 18 of the Code of Ordinances of the City of Lubbock.
THIS TAX RATE WILL RAISE MORE TAXES FOR
MAINTENANCE AND OPERATIONS
THAN LAST YEAR'S TAX RATE
THE TAX RATE WILL EFFECTIVELY BE RAISED BY 3.74
PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND
OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $7.20
(Based on the comparison of the Maintenance and Operations Tax
Rate which is the total of the General Fund rate and Economic Development
Fund rate above, and the Effective Maintenance and Operations Tax Rate
adjusted for Sales Tax)
Tax Levy IS -16
(7.07 15) Page I of
AND IT IS SO ORDERED
Passed by the City Council on first reading this 2nd day of September 2015.
VOTING FOR PASSAGE:
Mayor Pro Tem Jim Gerlt
Council Member Victor Hernandez
Council Member Latrelle Joy
Council Member Floyd Price
Council members present but not voting:
Council members absent:
N/A
VOTING AGAINST PASSAGE:
Mayor Glen C. Robertson
44
Council Member Jeff Griffith
Passed by the City Council on second reading this 0th day of September 2015.
VOTING FOR PASSAGE:
Mayor Pro Tem Jim Gerlt
Council Member Victor Hernandez
Council Member Latrelle Joy
Council Member Floyd Price
Tax Levy 15-16
(7.07.15)
VOTING AGAINST PASSAGE:
Mayor Glen C. Robertson
Council Member Karen Gibson
Council Member Jeff Griffith
Page 2 of
Council members present but not voting: N/A
Council members absent:
*t*s
GL ERTSON, MAYOR
ATTEST:
�
Rebea Garza
City Secretary
APPROVED AS TO CONTENT:
Al
CherylBrck
Executive Director of Budget
APPROVED AS TO FORM:
Amyims
De ty ity Attorney
Tax Levy I5-16
(7.07.15) Page 3 of 3