98-TAX O - Adopt FY 1998-1999 Tax Rate ORDINANCE FOR ADOPTING A TAX RATE
BE IT RESOLVED AND' ORDERED by the City Council for the City of
Prosper of Prosper, Texas that
We the City Council of Prosper, Texas do hereby levy or adopt
the tax rate per $100 valuation for this tax year 1998-1999
as follows:
ORDINANCE LEVYING A TAX RATE
FOR CITY OF PROSPER FOR THE YEAR
$ .159232 for the purposes of maintenance and operation
$ . 210280 for the payment of principal and interest on debt
$ 369512 total tax rate
•
DATE September 24 , 1998
•
SIGNED BY:
Steve Coffman, or
9geji
fipprovel
in CITY OF PROSPER - - --- .---:7
This notice concerns 1998 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.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 sof,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 $81,231. '
Last year's debt taxes . $94,838
. Last year's total taxes $176,069
. • Last year's tax base $49,597.146
Last year's total tax rate 0.355000/$100
This year's effective tax rate: . '
Last year's adjusted taxes ' $175,992
(after subtracting taxes on lost property)
/ This year's adjusted tax base $55,070,711
(after'subtracting value of new property) -
=This year's-effective tax rate ., -
0.319574/$100
This year's rollback tax rate:
Last year's adjusted operating taxes ' ' - . $81,195
(after subtracting taxes on lost property and adjusting '
' for transferred function) .
/ This year's adjusted tax base • $55,070,711
=This year's effective operating rate 0.147438/$100 - -
x 1.08=this year's maximum operating rate 0.159233/$100
+.This year's debt rate 0.210280/$100
=-This year's rollback rate - 0.369513/$100 .
Schedule A: Unencumbered Fund Balances
The following estimated balances will be left in the unit's property-tax accounts at the'end of the fis- {;
! cal year. Thesebalances'are not encumbered by a corresponding debt obligation. 0 ..
Type of Property Tax Fund , Balance
Maintenance & Operations - $50,000
Interest &Sinking $34,000' •
Schedule B: 1998 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 applica-
ble). .
Principal or Interest to be.`
Contract Payment Paid from . Other,
Description to be Paid from Property _ Amounts Total
of Debt ' . Property Taxes Taxes to be Paid Payment
SERIES 1978. $8,000 $220 $0 $8,220
SERIES 1981 - $15,000 $1,260 $0 $16,260
19.96 SERIES - $25,000 $46,085 $0 $71,085
1998 SERIES $5,000' • $27,197. $0- $32,197
I' Total required for 1998 debt service $127,762
- Amount(if any) paid from funds listed in Schedule A $0
- Excess collections last year $0
=Total to be paid from taxes in 1998 . $127,762 .
' + Amount added in anticipation that the unit will -
collect only 100.00% of its taxes in 1998 . . $0
=Total debt levy $127,762
This notice contains a summary of actual effective and rollback tax rates' calculations. Xou can
' inspect a copy of the full calculations at 109 W. BROADWAY STREET PROSPER TEXAS75078. .
. Name of person preparing this notice: RADEAN HERRON. rev
Title: ASSESSOR-COLLECTOR
Date prepared:August 28, 1998 - -
'' ' '
Notice of Public Hearing on Tax Increase
The CITY OF ,PROSPER will hold a public hearing on a proposal,
'to'increase total tax revenues from. properties on the tax roll by
27510081 percent. Your'individual taxes may increase or decrease,.
depending on the change in the taxable value of your property in
relation to the change in taxable value of an`other property and the
tax rate that is adopted.'
The public hearing will be held on September 17, 1998 at 700:.PM
at CITY HALL, 109 MAIN STREET, PROSPER, TEXAS.;
FOR the proposal: " Ralph Boyer Jim Dunmire
Larry Tracey,, Charles Niswanger
AGAINST the proposal: None
PRESENT and not.voting: ,:None
ABSENT: Janet Phillips
The following table compares taxes on an average home in
this taxing unit last year to taxes proposed on the'average
home this year. Again, your individual taxes may be higher •
or lower, depending on the taxable value of your property.
Last Year This Year
Average residence homestead value '$81,000 $90,300
General exemptions-available; $0 $0
(amount available on the,average,.
homestead, not,including
senior citizen's or disabled
person's exemptions)
Average taxable value $81,000 $90,300
Tax Rate 0.355000 0.369512
Tax . - $287.54 , $333.67
Under this .proposal, taxes on the average homestead would
increase. by ,$46.13 or 16.04 '.percent compared with last year's
taxes: Comparing tax rates without adjusting for changes in proper-
ty value, the tax rate would increase by $0.014512 per $100 of tax-
able value or 4.09 percent compared to last year's tax rate. These
tax rate figures are,not adjusted for changes in the taxable value of