|
CITY OF LA PORTE, TEXAS
<br />NOTES TO THE FINANCIAL STATEMENTS (continued)
<br />Note 3 - Property Tax
<br />The appraisal of property within the City is the responsibility of the Harris County Appraisal District (the
<br />“Appraisal District”). The Appraisal District is required under the Property Tax Code to appraise all
<br />property within the county on the basis of 100% of its market value. The value of real property within the
<br />Appraisal District must be reviewed every five years; however, the City may, at its own expense, require
<br />annual reviews of appraised values. The City may challenge appraised values established by the Appraisal
<br />District through various appeals and, if necessary, take legal action. Under this legislation, the City
<br />continues to set tax rates on City property. However, if the effective tax rate, excluding tax rates for
<br />repayment of general obligation bonds and other contractual obligations, adjusted for new improvements,
<br />exceeds the effective tax rate and the rollback rate tax rate, qualified voters of the City may petition for an
<br />election to determine whether to limit the tax rate to no more than the rollback tax rate. The City’s
<br />property taxes are levied annually in October on the basis of the Appraisal District’s assessed values as of
<br />January 1 of that calendar year. Appraised values are established by the Appraisal District at market
<br />value, assessed at 100% of appraised value and certified by the Harris County Appraisal District Board of
<br />Review. The City’s property taxes are billed and collected by the City’s Tax Assessor/Collector. Such
<br />taxes are applicable to the fiscal year in which they are levied and become delinquent with an enforceable
<br />lien on property on February 1 of the current calendar year. The City is permitted, by Article XI, Section
<br />5, of the State of Texas Constitution and the City Charter, to levy property taxes up to $2.50 per $100 of
<br />assessed valuation for general governmental services. Within the $2.50 maximum levy, there is no legal
<br />limit upon the amount of property taxes, which can be levied for debt service. The property tax rates to
<br />finance general governmental services and debt service for the 2012-13 tax year were $0.614 and $0.096,
<br />respectively, per $100 of assessed valuation. The 2013 assessed value and total tax levy as adjusted
<br />through September 30, 2014 were $2,572,844,865 and $18,267,201 respectively. The City has enacted an
<br />ordinance providing for the exemption of twenty percent (20%) of the assessed value of residential
<br />homesteads plus an additional $60,000 for persons 65 years of age or older for property taxes. An
<br />exemption of $60,000 is allowed for disabled persons on homesteads and up to $12,000 is allowed for
<br />disabled veterans on any one piece of property. Additionally, the market value of agricultural land is
<br />reduced to agricultural value for purposes of the City’s tax levy calculation.
<br />Note 4 - Receivables
<br />Amounts recorded as receivables as of for the government’s individual major and non-major funds,
<br />including the applicable allowance for uncollectible accounts, are as follows:
<br />Debt Capital
<br />All Other
<br />Service Projects Internal
<br />FundsTotal
<br />General FundFundFundUtility Fund LPAWAService Funds
<br />Receivables
<br />Taxes
<br />$ 108,9892,007,102$ -$ -$ 1,030,831-$ 3,146,922$
<br />$ $ -
<br />Intergovernmental
<br /> - 127,056- 1,058,254 1,185,310
<br /> - - -
<br />Accounts
<br /> 3,680,973 722,639- 182,551 2,4044,588,567-
<br /> -
<br />Interest
<br /> 16,670 1,783- 1,454 1,673 2,496 4,029 28,105
<br />Other
<br /> - - 1,214 17,174- 18,388
<br /> - -
<br />Allowance for
<br /> uncollectibles
<br />(1,249,644)(85,091) (33,661)- (1,368,396)-
<br /> - -
<br />$ 4,455,101$23,898$ 1,783$ 691,646$ 184,224$ 129,552$ 7,598,8962,112,692$
<br />Draft $ 4,455,101$23,898$ 1,783 3/5/2015$ 691,646$ 184,224$ 129,552
<br />$
<br />23,898
<br />$ 4,455,101129,552
<br />1,783184,224
<br />691,646
<br />Draft Draft Draft 3/5/20153/5/20153/5/20153/5/20153/5/2015
<br />Draft Draft Draft 3/5/20153/5/20153/5/20153/5/20153/5/2015
<br />
<br />
<br />Property taxes are levied by October 1 in conformity with Subtitle E, Texas Property Tax Code. Taxes are
<br />Property taxes are levied by October 1 in conformity Property taxes are levied by October 1 in conformity Property taxes are levied by October 1 in conformity Property taxes are levied
<br /> by October 1 in conformity with Subtitle E, Texas Property Tax Code. Taxes are with Subtitle E, Texas Property Tax Code. Taxes are
<br />due on receipt of the tax bill and are delinquent if not paid before February 1 of the year following the
<br />due on receipt of the tax bill and are delinquent if notdue on receipt of the tax bill and are delinquent if notdue on receipt of the tax bill and are delinquent if notdue on receipt
<br /> of the tax bill and are delinquent if not paid before February 1 of the year following the paid before February 1 of the year following the
<br />due on receipt of the tax bill and are delinquent if notdue on receipt of the tax bill and are delinquent if not
<br />year in which imposed. On January 1 of each year, a tax lien attaches to property to secure the payment of
<br />all taxes, penalties, and interest ultimately imposed. The Harris County Central Appraisal District
<br />("HCCAD") establishes appraised values. Taxes are levied by the City Council based on the appraised
<br />values and operating needs of the City.
<br />35
<br />
<br />
|