96-25 O - Tax Rate for 1996-97 Town of Prosper
P.O. BOX 307
Prosper, Texas 75078
(214)347-2304 METRO(214)346-2640 FAX(214)347-2111
ORDINANCE NO. 96-25
AN ORDINANCE LEVYING AD VALOREM TAXES FOR USE AND SUPPORT OF THE
MUNICIPLE GOVERNMENT OF THE CITY OF PROSPER FOR THE 95-96 FISCAL YEAR:
PROVIDING FOR APPORTIONING EACH LEVY FOR SPECIFIC PURPOSES: AND,
PROVIDING WHEN TAXES SHALL BECOME DUE AND WHEN SAME SHALL BECOME
DELINQUENT IF NOT PAID.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PROSPER,TEXAS.
SECTION 1. THAT THERE IS HEREBY LEVIED AND THERE SHALL BE COLLECTED FOR THE
USE AND SUPPORT OF THE MUNICIPLE GOVERNMENT OF THE CITY OF PROSPER, AND TO
PROVIDE AN INTEREST AND SINKING FUND FOR THE 1995-96 FISCAL YEAR,UPON ALL
PROPERTY,REAL,PERSONAL AND MIXED,WITHIN THE CORPORATE LIMITS OF SAID CITY
SUBJECT TO TAXATION,A TAX OF$ .3599 ON EACH$100.00 VALUATION OF PROPERTY,
SAID TAX BEING SO LEVIED AND APPORTIONED TO THE SPECIFIC PURPOSES HERE SET
FORTH:
1. FOR THE MAINTENENCE AND SUPPORT OF THE GENERAL GOVERNMENT
(GENERAL FUND)$.271093 ON EACH$100.00 VALUATION OF PROPERTY: AND
2. FOR THE INTEREST AND SINKING FUND$ .088807 ON EACH$100.00 VALUATION
OF PROPERTY.
SECTION 2. THAT TAXES LEVIED UNDER THIS ORDINANCE SHALL BE DUE OCTOBER 1,
1996 AND IF NOT PAID ON OR BEFORE JANUARY 1, 1997, SHALL IMMEDIATELY BECOME
DELINQUENT.
SECTION 3. ALL TAXES SHALL BECOME A LIEN UPON THE PROPERTY AGAINST WHICH
ASSESSED,AND THE-CITY ASSESSOR AND COLLECTOR OF THE CITY OF PROSPER IS
HEREBY AUTHORIZED AND EMPOWERED TO ENFORCE THE COLLECTION OF SUCH TAXES
ACCORDING TO THE CONSTITUTION AND LAWS OF THE STATE OF TEXAS AND
ORDINANCES OF THE CITY OF PROSPER SHALL,BY VIRTUE OF THE TAX ROLLS,FIX AND
ESTABLISH A LIEN BY LEVYING UPON SUCH PROPERTY,WHETHER REAL OR PERSONAL,
FOR THE PAYMENT OF SAID TAXES,PENALTY AND INTEREST,AND,THE INTEREST AND
PENALTY COLLECTED FROM SUCH DELINQUENT TAXES SHALL BE APPORTIONED TO THE
GENERAL FUND OF THE CITY OF PROSPER. ALL DELINQUENT TAXES SHALL BEAR
INTEREST FROM DATE OF DELINQUENCY AT THE RATE AS PRESCRIBED BY STATE LAW.
SECTION 4. THAT THIS ORDINANCE SHALL TAKE EFFECT AND BE IN FORCE FROM AND
Ali I'ER ITS PASSAGE.
PASSED THIS 10TH DAY OF SEPTEMBER, 1996,AT A REGULAR MEETING OF THE CITY
COUNCIL OF THE CITY OF PROSPER,THERE BEING A QUORUM PRESENT,BY 3 YEAS
AND 0 NAYS,AND APPROVED BY THE MAYOR ON THE DATE ABOVE SET OUT.
APPROVE :
Al-TEST:
CITY ECRE Y
.R NOTICE OF EFFECTIVE TAX RATE $-lg'q(- O IJ
le '1996 Property Tax Rates in City of Prosper • a
to / lo ,
.a his notice concerns 1996 property tax rates for City of Prosper.It presents infor-
i.
e Cation about three tax rates.Last year's tax rate is the actual rate the taxing unit
s.sed to determine property taxes last year..This year's effective tax rate would
npose the.same total taxes.as last year if you campare properties taxed in both
a ears. This year's.rollback tax.rate•is the highest tax rate the taxing unit can set
,efore taxpayers can start tax rollback procedures. In each case these rates are .
•ound by dividing the total amount of tax base(the total value of taxable property)
Nith adjustments as required by state law.The rates are given per$100 of prop-
' rty value.
,
.Last year's tax rate:
Last year's operating taxes $101,590
Last year's debt taxes $28,670
• Last year's total taxes $130,260
Last year's tax base •. . $39,968;477
•' Last year's total tax'rate(per$1'00.)'•-• " - ' ' 0.325908
I This year's effective tax rate: •
Last year's adjusted taxes(after subtracting taxes on lost property) $130,231
/ This year's adjusted tax base(after subtracting value of new property) $40,444,190
= This.year's effective tax rate(per$100) . .. 0.322002
X 1.03 Maximum rate unjess unit publishes notice and holds hearings
(per$100)* 0.331662
This year's rollback tax rate:
Last year's adjusted operating taxes after subtracting taxes'
on lost property and adjusting for transferred function. $101,525
/ This year's adjusted tax base .$40,444,190
= This year's effective operating rate(per$100) 0.251026
X 1.08=This year's maximum operating rate(per$100) '0.271108
+ This year's debt rate(per$100) ,0.88807 c .
= This year's rollback rate(per MO) 0.359915
+ Additional rate for pollution control(per$100) 0.000000
= Rollback Tax Rate(per$100) • 0.359915
SCHEDULE A: •
Unencumbered Fund Balances
The following will 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 obliga-
tion.
Type of Property Tax Fund Balance
General Fund $15,000
I &S Fund $1,100
Total Unencumbered Fund Balance $16,100
SCHEDULE B: .
1996 Debt Services
This unit plans to pay the following amounts of long-term debts,that are se-
cured by property taxes.These amounts will be paid from property tax revenues
(or additional sales tax revenues,if applicable).
Principle to. . Interest to Other Total
Description of Debt be paid . be paid Payment
•
1978 Series $8,000.• $1,240 . $9,240 •
1981 Series , $15,000 .$3,080 $18,080
1996 Series $12,000 • , $12,000
Totals .$35,000 $4,320 $39,320
Total Required for 1996 debt'service $39,320
Less amount paid from funds listed on Schedule A' $0
Less excess collections last Year $0
Total to be paid from taxes in 1996 • $39,320
Amount added in anticipation that the unit will
collect only a portion of taxes in 1996 .100.00% $0
Total Debt Service Levy. $39,320
•
This notice contains a summary of actual effective and rollback.tax rate calculations.
•
You can inspect a copy of the full calculations at 109 Broadway-Street,Prosper,Tx 75078.
Name of person preparing this notice:Radean Herron
Title:Tax Assessor Collector