TOWN STAFF REPORT RECOMMENDATION
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Discuss, consider and act to approve a Maximum Tax Rate to consider and advertise (Cayce Lay Lamas, Finance Director)
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STAFF: Cayce Lay Lamas, Director of Finance
BACKGROUND:
The Town Council is responsible for approving an ad valorem tax rate and levying taxes on all taxable property within its jurisdiction. As part of the legal process to do so, the Town must advertise and hold a public hearing. The advertisement must include a record vote by the governing body on the maximum tax rate it will consider for adoption.
Per the discussion during the work session held on July 15, 2024, the Town Council will vote to advertise $0.16788 per $100 of value as its maximum rate to consider. This rate is the same total rate adopted for the prior year and is expected to raise more revenue than the previous year due to an increase in property value.
The vote taken today is not adopting a tax rate nor imposing a tax levy. A public hearing will be held during the regularly scheduled Town Council/Board of Trustees meeting on Monday, September 16, 2024. Following the public hearing, Town Council will vote on the ad valorem tax rate it will levy. That rate will not exceed $0.167880 per $100 of value.
STAFF RECOMMENDATION:
Staff recommends Town Council vote to approve $0.167880 per $100 of value as its maximum tax rate to consider and to advertise.
ATTACHMENTS
Prior Year Notice Example
TOWN COUNCIL ACTION/OPTIONS:
1) Motion to approve
2) Motion to amend with the following stipulations (please state stipulations in motion)
3) Motion to table
4) Motion to deny