AGENDA CAPTION:
Title
Consider approval, by motion, of a proposal to set the 2018 tax rate at a maximum 61.39 cents per $100 valuation, which is higher than the effective tax rate.
Body
Meeting date: August 2, 2018
Department: Finance
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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 61.39 cents for anticipated future adoption at the September 18, 2018 City Council meeting. If the tax rate exceeds the effective or rollback rate, the governing body must take a vote and schedule public hearings on the tax rate. The public hearings are scheduled for August 21 and September 4, 2018 with adoption of the tax rate on September 18, 2018.
The effective tax rate for tax year 2018 is 58.99 cents per $100 valuation and the roll back rate for tax year 2018 is 65.96 per $100 valuation. The proposed tax rate is the same as tax year 2017.
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