97-12 O - Ordinance Levying Ad Valorem Taxes for 1997-98 ORDINANCE NO. 9 7- 12
AN ORDINANCE LEVYING AD VALOREM TAXES FOR USE AND
SUPPORT OF THE'MUNICIPAL GOVERNMENT OF THE CITY OF
PROSPER FOR THE 1997-98 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.
SECTION 1. That there is hereby levied and there shall be collected for the use and
support of the municipal government of the City of Prosper, and to provide an Interest and
Sinking fund for the 1997-98 fiscal year,upon all property,real,personal andmixed,
within the corporate limits of said City subject to taxation, a tax of$ . 3 5 z .on each
$100.00 valuation of property, said tax being so levied and apportioned to the specific
purposes here set forth:
1. For the maintenance and support of the general government(General Fund),
$ .163782 on each$100.00 valuation of property; and
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2. For the interest and sinking fund, $ .191218 on each$100.00 valuation of Property.
SECTION 2. That taxes levied under this ordinance shall be due October 1, 1997 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 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 tot he 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 after its
passage.
PASSED this 9th day of SEPTEMBER , 1997, at a regular meeting of the City
Council of the City of Prosper,there being a quorum present,by 5 yeas and
0 nays, and approved by the Mayor on the date above set out.
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APPRO D:
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This notice,concerns 1997 property tax rates for CITY OF PROPPER.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 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 ,' $120,114
Last year's debt taxes: $39,346
Last year's total taxes . $159,460
Last year's'tax base $44,305,886
Last years total tax rate(per$100) 0.359900
THIS YEAR'S EFFECTIVE TAX RATE:
Last year's-adjusted taxes $159,264
(after subtracting taxes on lost property)
/ This year's adjusted taxbase $45,981,676
(after subtracting value of new property)
= This year's effective tax rate(per$100) 0.346364,
x 1.03=maximum rate unless unit publishes
notices and holds hearing(per$100)* _ 0.356754
THIS YEAR'S ROLLBACK TAX RATE:
Last year's adjusted operating taxes
(after subtracting taxes on lost property and \
adjusting for transferred function) $119,969
/ ' This year's adjusted tax base $45,981,676
This.year's effective operating rate(per$100) 0.260905 '
x 1.0.8=this year's maximum operating rate(per$100) 0.281777
• + This year's debt rate (per$100) 0.191218
= This year's rollback rate(per$100) 0.472995
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SCHEDULE A
UNENCUMBERED FUND BALANCES.
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The following estimated balances 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 obligation. _
TYPE OF PROPERTY TAX FUND BALANCE .
GENERAL FUND $25,000
INTEREST&SINKING $1,300'
SCHEDULE B.
1997 DEBT SERVICE' .
The unit plans to pay the following amounts for longg-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 ' , INTEREST TO '
CONTRACT PAYMENT BE PAID
DESCRIPTION TO BE PAID FROM FROM PROPERTY OTHER AMOUNTS TOTAL '
OF DEBT PROPERTY TAXES TAXES ' TO BE PAID PAYMENT
I978 SERIES $8,000 $880 $500 $9,380
1981 SERIES $15,000 $2,100 $500 $17,600
1996 SERIES - $20,000 $47,185 $550 $67,735
Total required for 1997 debt service - $94,715
- Amount (if any)paid from funds listed in SCHEDULE A ' . $0 ,
- Excess collections last year $0-
_ 'Total to be paid from taxes in 1997 . $94,715 -
+ 'Amount added in anticipation that the unit will
collect only 100.0070 of its taxes in 1997 . , $0 ,
=: Total Debt Levy $94,715
This notice contains a summary of actual effective and rollback tax rates'calculations.You can inspect a copy
of the full calculations at 109 BROADWAY STREET PROSPER TEXAS 75078.
Name of person preparing this notice: Radean Herron .'
Title: ASSESSOR--COLLECTION. ,t,