HomeMy WebLinkAboutOrdinance - 2014-O0123 - Setting Tax Rate - 09/11/2014First Reading
September 4, 2014
Item No. 3.6
ORDINANCE NO. 2014-00123
Second Reading
September 11, 2014
Item 6.9
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 2014; 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 2014 the sum of $0.52240 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:
$0.11425 per $100 valuation to the Interest and Sinking Fund.
$0.38500 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 2015, 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 6.76
PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND
OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $20.30
(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 Page 1 of 3
AND IT IS SO ORDERED
Passed by the City Council on first reading this 4ih day of September , 2014.
VOTING FOR PASSAGE: VOTING AGAINST PASSAGE:
Glen C Robertson, Mayor
Jeff Griffith. District 3
Victor Hernandez, District 1
Karen Gibson, District 5
Floyd Price. District 2
Jim Gerlt, District 4
Latrelle Joy, District 6
Council members present but not voting: None
Council members absent: None
Passed by the City Council on second reading this
l Ith day of September , 2014.
VOTING FOR PASSAGE:
VOTING AGAINST PASSAGE:
members present but not voting:
members absent:
#4M4
Victor Hernandez, District 1
Karen Gibson, District 5
Latrelle Joy, District 6
Levy Page 2 of 3
A41
;P, C. ROBERTSON, MAYOR
ATTEST:
JQI
I:cb caGarza
City Secretary
APPROVED AS TO CONTENT:
Executive Director of Budget
APPR�VED AS TO FORM:
Attorney
Tax Rate 0,dmacc 14-15
913.14
Tax Levy Page 3 of 3