AGENDA CAPTION:
Title
Consider approval of Resolution 2021-158R, setting a maximum proposed Tax Rate of $60.30 cents per $100 taxable value; and declaring an effective rate.
Body
Meeting date: August 17, 2021
Department: Finance Department, Marie Kalka, Finance Director
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Background Information:
The State Tax Code defines steps which taxing entities must follow in adopting their tax rates. This motion will propose a maximum tax rate of 60.30 cents for anticipated future adoption at the September 21, 2021 City Council meeting. If the tax rate exceeds the no new revenue (NNR) or voter approval tax rate, the governing body must take a vote and schedule public hearings on the tax rate. Although not required since we are below the NNR rate, Council directed staff to continue having two public hearings for both the tax rate and the budget so the public hearings are proposed to be scheduled for September 7 and September 21, 2021 with adoption of the tax rate on September 21, 2021.
The no new revenue tax rate for tax year 2021 is 69.99 cents per $100 valuation. The voter approval tax rate for tax year 2021 is 73.60 per $100 valuation and voter approval tax rate adjusted for unused increment is 75.54. The proposed tax rate at this time is the same as tax year 2020 at 59.30 per $100 valuation.
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