95-TAX O - Adopting FY 1995-1996 Tax Rate i -- INu I 'Cm--1jr Ll'r-ix.;11 Y r 1131A I ' 1 .-- ----- ---
1995 Property Tax Rates.in: City of Prosper OHrc1'?)- 1.I1cc.0 'e.i.---\ _
This notice concerns 1995 property tax rates for the City of Prosper. It presents information about thre�ta�C/S
'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 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 ' $86,844
Last year's debt taxes $29,947
Last year's total taxes $116,791 -
Last year's,tax base $36,388,538. '' ,
Last year's,total tax rate(per$100) 0.321399 ' '
This year's effective tax rate: '
Last year's adjusted taxes - $116,772
(after subtracting taxes on lost property)
/ This year's adjusted tax base $36,904,513
•
(after subtracting taxes on new property) _
= . This year's effective tax rate(per$100) . 0.316416
x • 1.03=maximum rate unless unit publishes ..
notices and holds hearing(per$100)* 0.325908 . - .
-This year's rollback tax rate:
Last year,'s adjusted'operating taxes `
(after subtracting taxes on lost property and adjusting
for transferred function) $86,830
/ This year's adjusted tax base $36,904,513
= This year's effective operating rate(per$100) 0.235282
x. 1.08=this year's maximum operating rate(per$100) 0.254104
+ This year's debt rate(per$100) 0.071837 -
= This year's rollback rate(per$100). 0.325941-
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 Balance
General Fund • $20,000
Interest and Sinking Fund $8,000
SCHEDULE B: 1995 Debt Service .
The unit plans to pay the following amount 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 ,
Contract Other
Description ' Payment ' ' Interest . Amounts Total ,
of Debt to be Paid to be Paid .to be Paid Payment
1978 General OB $8,000 $1,540 ' $175 $9,715
1981 General Obligation $15,000 $3,780 $175 ' $18,955
Total required for'1995 debt service $28,670
' - Amount(if any)paid from funds listed in Schedule A ,
$0
• - Excess collections last year. , •
$0
= Total to be paid from taxes in 1995 • $28,670
'; + Amount added in anticipation that the unit will collect
$0
only 100%of its taxes in 1995
= Total Debt Levy- $28,670
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, Texas 75078.
Name of person preparing this notice: Radean Herron '
Title: Assessor/Collector. '