90-06 O - Ordinance for Adopting a Tax Rate for FY 1990-1991ORDINANCE #90-06
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ORDINANCE FOR ADOPTING A TAX RATE
BE IT ORDAINED AND ORDERED by the City Council of Prosper, Texas
that We the City Council of the City of Prosper, do hereby levy
or adopt the tax rate on $100 valuation for this city for tax
year 1989 as follows:
r AN ORDINANCE LEVYING A TAX RATE
FOR THE CITY OF PROSPER, TEXAS FOR THE TAX YEAR
$ .16161 for the purposes of maintainance and operation
$ .15839 for the payment of principal and interest on debt of this city
$ 0.323907 total tax rate
DATE 08-14-90
SIGNED BkGtr!�Smothermon,
Mayor
Shirley ack on, City Secretary
1990 PROPERTY TAX RATES IN THE CITY OF PROSPER
This notice concerns 1990 property tax rates for City of Prosper. It presents information
about three tax rates. Last year's tax rate is the actual rate the taxing unit used to
determine property taxes last year. This year's effective tax rate would impose the
same total taxes as last year if you compare properties taxed in both years. Compare
it to the tax rate the taxing unit proposes for this year. This year's rollback tax rate
is the highest tax rate the taxing unit can set before taxpayers can start tax rollback
procedures. In each case these rates are found by dividing the total amount of taxes
by the tax base (the total value of taxable property) with adjustments as required by
state law. The rates are given per $100 of property value.
Last year's
tax rate:
Last year's
operating taxes
+ Last year's
debt taxes
= Last year's
total taxes
•/. Divided by
last year's tax base
= Last year's
total tax rate
This year's effective tax rate:
Last year's adjusted taxes
(after subtracting taxes on lost property
and taxes to correct appraisal roll errors)
•/. Divided by this year's adjusted tax base
(after subtracting taxes on new property)
This year's effective tax rate
x 1.03
Maximum rate unless unit publishes
notices and holds hearings
$ 77,038
$ 24,000
$ 101,038
$ 33,679,202
$ 0.300000 /100
$ 101,068
$ 31,202,694
$ 0.323907 /100
$ .333624 /100
This year's rollback tax rate:
Last year's adjusted operating taxes $ 77,061-
(after subtracting taxes on lost property
and taxes to corrrect appraisal roll errors
and adding taxes lost in court suits)
•/. Divided by this year's adjusted tax base
(after subtracting taxes on new property)
This year's effective operating rate
x 1.08
= This year's maximum operating rate
+ This year's debt rate
= This year's rollback rate
$ 31,202,694
$ 0.24697 /100
$ 0.26673
/100
$ 0.15839
/100
$ 0.42512
/100
SCHEDULE A: Unencumbered Fund Balances
The following balances will probably be left in the unit's property tax accounts at the
end of the fiscal year. These balances are not encumbered by a corresponding debt
obligation.
Type of Property Tax Fund
General Fund M & O
General Fund I & O
SCHEDULE B: 1990 DEBT SERVICE
Balance
$36,510
$5,455
The unit plans to
pay
the following amounts for long-term debts that are
secured by
property taxes. These
amounts will be
paid from property tax revenues (or
additional
sales tax revenues,
if
applicable).
Principal
Description
Contract Payment
Interest Other Amounts
Total
of Debt
to be Paid
to be Paid to be Paid
Payment
Bond Series 78
$
7,000
$ 3,602 $ 0 $
10,602
Bond Series 81
$
10,000
$ 7,000 $ 0 $
179000
Bond Series 88
$
101000
$ 12,700 $ 0 $
229770
TOTALS $ 27,000 $ 23,372 $ $ 50,372
Total required for 1990 debt service $ 50,372
Amount (if any) paid from funds listed in
Schedule A $ 0
Excess collections last year $ 0
= Total to be paid from taxes in 1990 $ 50,372
+ Amount added in anticipation that the unit will
collect only 100% of its taxes in 1990 $
Total Debt Service Levy $ 50,372
This notice contains a summary of actual effective and rollback tax rate calculations.
You can inspect a copy of the full calculations at the City of Prosper, 109 Broadway,
Prosper, Texas 75078 .
Radean Herron, Assessor -Collector
City of Prosper
Date