STRATEGIC PRIORITY: Government Performance & Financial Management
AGENDA DATE: September 28, 2022
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 $0.7458 per $100 assessed valuation, which includes $0.5403 for the General Fund and $0.2055 for the Debt Service Fund, and levying ad valorem taxes for the City of Dallas, Texas, for FY 2022-23 - Estimated Levy: $1,338,215,730 (see Fiscal Information) (This item was deferred on September 21, 2022)
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BACKGROUND
The City Manager's recommended budget for FY 2022-23 set the property tax rate at $0.7458 per $100 assessed valuation, a $0.0275 decrease from the FY 2021-22 property tax rate of $0.7733 per $100 assessed valuation.
The tax rate under consideration by the City Council is $0.5403 for the General Fund and $0.2055 for the Debt Service Fund, totaling $0.7458 per $100 assessed valuation. The rate of $0.7458 per $100 assessed valuation will fund the FY 2022-23 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 0.7458 per $100 assessed valuation, which is effectively a 15.05 percent increase in the tax rate."
This year's levy to fund maintenance and operations expenditures exceeds last year's maintenance and operations tax levy. The ordinance setting this year's tax rate requires the statement about a "tax increase" as specified in 26.05(b) of the Property Tax Code even though the FY 2022-23 tax rate of $0.7458 is less than the FY 2021-22 tax rate of $0.7733. The statements must be in larger type tha...
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