STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 20, 2023
COUNCIL DISTRICT(S): N/A
DEPARTMENT: Budget and Management Services
EXECUTIVE: Jack Ireland
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SUBJECT
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An ordinance setting the tax rate at $0.7357 per $100 assessed valuation, which includes $0.5317 for the General Fund and $0.204 for the Debt Service Fund, and levying ad valorem taxes for the City of Dallas, Texas, for FY 2023-24 - Estimated Levy: $1,458,687,770 (see Fiscal Information)
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BACKGROUND
The City Manager's recommended budget for FY 2023-24 set the property tax rate at $0.7393 per $100 assessed valuation, a $0.0065 decrease from the FY 2022-23 property tax rate of $0.7458 per $100 assessed valuation. On September 6, City Council approved three amendments that reduced expenses and lowered the property tax rate by $0.0036. When added to the $0.0065 reduction included in the City Manager's recommended budget, there is a total tax rate reduction of $0.0101 which lowers the current tax rate from $0.7458 to $0.7357 per $100 assessed valuation.
The tax rate under consideration by the City Council is $0.5317 for the General Fund and $0.204 for the Debt Service Fund, totaling $0.7357 per $100 assessed valuation. The rate of $0.7357 per $100 assessed valuation will fund the FY 2023-24 budget. Per Section 26.05 of the Texas Property Tax Code, the vote on the ordinance setting the tax rate must be a record vote and 60 percent of the governing body must vote in favor of the adoption of the tax rate. Specific language is required in the motion setting the tax rate, and must be made in the following form:
"I move that the property tax rate be increased by the adoption of a tax rate of 0.7357 per $100 assessed valuation, which is effectively a 7.97 percent increase in the tax rate."
This year's levy to fund maintenance and operations expenditures exceeds last year's maintenance and ope...
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