91-TAX O - FY 1991-1992 Tax RateApproved by Motion
August 22, 1991
ORDINANCE FOR ADOPTING A TAX RATE
DE 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 1991 as follows:
AN ORDINANCE LEVYING A TAX RATE
FOR THE CITY OF PROSPER, TEXAS FOR THE TAX YEAR
4, n ?ar�49
for the purposes of maintainance and operation
$ 0.08408 for the payment of principal and interest on debt of this city
$ 0.33 total tax rate
DATE 8-22-91
�v
SIGNED BY
Gr y Smothermon, Mayor
2
1991 Property Tax Rates in City of Prosper
This notice concerns 1991 property tax rates for City of Prosper. It presents information about three
tax rates. Lastyear's tax rateis theactual rate thetaxing 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. 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 ay 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 $lob of property value.
Last year's tax rate:
Last year's operating taxes
$ 73.1;4_9
Last year's debt taxes
$ 28,620
Last year's total taxes
$ . 101.7E
Last year's tax base
$,_: si.799 w
Last year's te>taI tax rate
S 0,32001 si1(�
Thi }+ ar's Ve la nte.
Last yeiar' 'taxes
(after sub ctfhg texas on lost property)
This year's adjusted tax base
$ 30
(after subtracting value of new property)
•
= This year's effective tax rate
$0.334430/ $1 0l0
(In the first year a city or county collects the additional
sales tax it must insert the
following lines `unless it made its first adjustment last year:)
- Sales tax adjustment
= Effective tax rate
— - -
x 1.03=maximum rate unless unit publishers
notices and holds hearing
20.344463 !S}t10
,�1 i�y®arroe mLLhaeie�,ta±r�
Last year's adjusted ope ranaw
(,after sutbtrartift.
This
.72 foxsChoD} distdict[ )„ q,w,e.4r,
%
x 1.08 (or add $.08 for schools) -this years
maximum operating rate
+ This year's debt rate
(A school district roust insert the fohowing limes).'
= This year's rollback rate before adjustment a
S /S}{
+ Rate to recoup lost revenue
S /Sltl
= Adjusted rollback rate
$ A 00
- This year's rollback
$ 0.34368 /$1{>�
(A city or county that collects the additional sales tax (including one that collects the j
tax for the first time this year) must insert the following lines:)
- Sales tax adjustment rate
m Rollback tax rate
$ 0,34368 /SIQQ
SCHEDULE. A: Unencumbered Fund Balances
The following balances will probably be left in the unit's property tax accounts a t the end of the fiscal
year. These balances are not encumbered by a corresponding debt obligation.
Type of Property Tax Fund
Maintainance do Operating
Interest & Sinking
Balance
$13,000
M,000
SCHEDULE B:1991 Debt Service
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 or
Description Contract Payment Interest Other Amounts Total
of Debt I
.. to be Paid to be Paid to be Paid Payment
Bond Series 1978 $7,000 $3,267.50 $10,267.50
Bond Series 1981 $Io,000 $6,440.00 $16,440.00
Total required for 1991 debt service $26.7i>
Amount (if any paid from funds listed in
Schedule A 0-
Excess collections last year t)
_ Total to be paid from taxes in 1991 26,708
+ Amount added in anticipation that the unit will
collect only A of its taxes in 1991
Total Debt Service Levy. 26,7t!d
SCHEDULE C: Expected Revenue
f rn Additional -Sales T
In calculating its effective and rollback tax rates, the unit estimated that it will receive $ in
additional sales and use tax revenues.
This notice contains a summaryof actual effective and rollback tax ratecaluculati, ins. You can inspect
a copy of the full calculations at 109 Broadway Street.
Name of person perparing this notice Radean Herron
Title Tax- s . r-Coll for 4(9,�,/�q
Date Prepared August 9,1991