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HomeMy WebLinkAboutO-2020-3801 Setting the City's ad valorem tax rate for the 2020-21 Fiscal Year ORDINANCE NO. 2020-3801 AN ORDINANCE LEVYING TAXES UPON TAXABLE PROPERTY LOCATED WITHIN AND SUBJECT TO TAXATION IN THE CITY OF LA PORTE, TEXAS; MAKING APPROPRIATIONS FOR SUPPORT, MAINTENANCE, AND IMPROVEMENT OF THE CITY GOVERNMENT OF SAID CITY OF LA PORTE; FINDING THAT ALL REQUIRED NOTICES HAVE BEEN PUBLISHED AND ALL REQUIRED HEARINGS HELD; CONTAINING A REPEALING CLAUSE; CONTAINING A SEVERABILITY CLAUSE; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE Section 1. That there is hereby levied for the fiscal year beginning October 1, 2020, and ending September 30, 2021, on all real property situated and all personal property owned within the taxable limits of the said City of La Porte,on the first day of January 2020,except so much as may be exempt under the constitution and laws of the United States,this State,and the City of La Porte, the following taxes: (1) An Ad Valorem Tax of and at the rate of sixty-one and seven tenths cents ($.617) on the one hundred dollars ($100.00) cash value thereof, estimated in lawful currency of the United States for the current expenses for the support, maintenance, and improvement of the City Government of said City of La Porte; and (2) An Ad Valorem Tax of and at the rate of nine and three tenths cents ($.093) on the one hundred dollars ($100.00) cash value thereof, estimated in lawful currency of the United States, to pay current interest on and provide one year's sinking fund and to pay all of the Principal and Interest accruing on all outstanding general obligation bonds and certificates of obligation lawfully issued by the City of La Porte. That this provides the sum of total Ad Valorem tax at the rate of seventy-one cents ($.71) on the one hundred dollars ($100.00) cash value thereof, estimated in lawful currency of the United States. Section 2. All property upon which a rate of taxation is hereinabove levied shall be assessed on a ratio of one hundred percent(100%) of the estimated market value thereof. Section 3. That the sums hereinafter accruing and collected from the hereinabove taxes so levied be and the same are hereby appropriated for the support, maintenance, and improvement of the City Government of the City of La Porte. Section 4. The City Council officially finds, determines, recites and declares that all notices required by law have been published, and that a public hearing as required by law was duly called and held, and that all matters prerequisite to the establishment and levy of an ad valorem tax have been accomplished, all as required by the laws of the State of Texas, and the Home Rule Charter of the City of La Porte. Section 5. If any section, sentence, phrase, clause, or any part of any section, sentence,phrase, or clause, of this Ordinance shall, for any reason, be held invalid, such invalidity shall not affect the remaining portions of this Ordinance, and it is hereby declared to be the intention of this City Council to have passed each section,sentence,phrase,or clause,or part thereof,irrespective of the fact that any other section, sentence,phrase, or clause, or part thereof, may be declared invalid. Section 6. All ordinances or parts of ordinances in conflict herewith are hereby repealed to the extent of such conflict only. Section 7. The City Council officially finds, determines, recites and declares that a sufficient written notice of the date, hour, place, and subject of this meeting of the City Council was posted at a place convenient to the public at the City Hall of the City for the time required by law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas Government Code; and that this meeting has been open to the public as required. Section 8. This ordinance shall be in effect from and after its passage and approval. PASSED AND APPROVED this,theROVt- NEof September, 2020. CITY O O )' • TE, .' XAS Algid kik Loll Rigby, 0,r • T rj ST: APPROVED AS TO FORM: thA d oodwar•,,City , re lark T. Askins, Assistant City Attorney NOTICE ABOUT 2020 TAX RATES Property Tax Rates in City of La Porte This notice concerns the 2020 property tax rates for City of La Porte. This notice provides information about two tax rates. The no-new-revenue tax rate would impose the same amount of taxes as last year if you compare properties taxed in both years. The voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case,these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per$100 of property value. This year's no-new-revenue tax rate: $0.715 This year's voter-approval tax rate: $0.725 To see the full calculations,please visit ci.la-porte.tx.us for a copy of the Tax Rate Calculation Worksheets. Unencumbered Fund Balances The following estimated balances will be left in the taxing unit's accounts at the end of the fiscal year.These balances are not encumbered by corresponding debt obligation. Type of Fund Balance General Fund 59,073,139 Debt Fund 4,552,975 Current Year Debt Service The unit plans to pay the following amounts for long-term debts that are secured by property taxes.These amounts will be paid from upcoming property tax revenues(or additional sales tax revenues,if applicable). Description of Debt Principal or Contract Interest to be Paid from Other Amounts to be Total Payment Payment to be Paid from Property Taxes Paid Property Taxes General Obligation 1,350,000 192,300 0 1,542,300 Refunding Bonds Series 2012 General Obligation 920,000 126,300 0 1,046,300 Refunding Bonds Series 2014 Certificates of Obligation 385,000 160,838 0 545,838 Series 2015 General Obligation 0 94,050 0 94,050 Refunding Bonds Series 2016 Texas Water Development 500,000 116,491 0 616,491 Board Loan 2017 General Obligation 405,000 113,800 0 518,800 Refunding Bonds Series 2020 Total required for 2020 debt service 4,363,779 -Amount(if any)paid from funds listed in unencumbered funds 0 -Amount(if any)paid from other resources 0 -Excess collections last year 493,480 =Total to be paid from taxes in 2020 3,870,299 collect only 100.52%of its taxes in 2020 -20,022 =Total debt levy 3,850,277 This notice contains a summary of the no-new-revenue and voter-approval calculations as certified by Charlene Piggott,Tax Assessor-Collector on September 1,2020. 1016.1.13