Item 7BOrdinance No. 898
September 19, 2006
Southlake – FY 2006 Overlapping Property Tax
Overlapping Tax Rate
Truth-In-Taxation
►Proposed tax rate = $.462
►Maint/Operations = $.31958
►Debt = $.14242
►Rollback rate = $.437258
►Maint/Operations = $.316924
►Debt = .120334
►Effective rate = $.424225
Tax Rate Revenue
1¢ = $422,837
Average Tax Bill Information
Average home value = $418,380
Average city tax bill* = $1,932.92
Avg. tax bill after rollback* = $1,829.40
Annual Difference = $103.52
Monthly Difference = $8.63
Comparative Tax Rates (2007 Proposed)
Bedford = .4683
Colleyville = .3474
Coppell = $.64146
Euless = $.4895
Farmers Branch = .4945
Flower Mound = .4497*
Frisco = .450
Grapevine = $.3625
Hurst = $.5180
Keller = .444
NRH = $.5700
University Park = .28772
Comparative Proposed Tax Rates
Motion
S.B. 18 approved in 2005 states
A motion to adopt an ordinance, resolution, or order setting a tax rate that exceeds the effective tax rate must be made in the following form: “I move that property taxes be increased
by the adoption of a tax rate of (specify tax rate).”
QUESTIONS?