03-56 - O TOWN OF PROSPER, TEXAS ORDINANCE NO. 03-56
AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS LEVYING TAXES
FOR THE 2003 TAX YEAR AT THE RATE OF $0.3241 PER ONE HUNDRED
DOLLARS ($100.00) ASSESSED VALUE ON ALL TAXABLE PROPERTY
WITHIN THE CORPORATE LIMITS OF THE TOWN OF PROSPER, TEXAS;
PROVIDING FOR A DATE ON WHICH SUCH TAXES BECOME DUE AND
DELINQUENT TOGETHER WITH PENALTIES AND INTEREST THEREON;
PROVIDING FOR REPEALING, SAVINGS AND SEVERABILITY CLAUSES;
PROVIDING FOR AN EFFECTIVE DATE OF THIS ORDINANCE; AND
PROVIDING FOR THE PUBLICATION OF THE CAPTION HEREOF.
WHEREAS, the Town Council of the Town of Prosper, Texas (hereinafter referred to as
the "Town") hereby finds that the tax for the fiscal year beginning October 1, 2003, and ending
September 30, 2004, hereinafter levied for current expenditures of the Town and the general
improvements of the Town and its property must be levied to provide the revenue requirements
of the budget for the ensuing year; and
WHEREAS, the Town Council has approved, by a separate ordinance to be adopted on
the 29'h day of September, 2003, the budget for the fiscal year beginning October 1, 2003, and
ending September 30, 2004; and
WHEREAS, all statutory and constitutional requirements concerning the levying and
assessing of ad valorem taxes have been complied with.
NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS:
SECTION 1: Findings Incorporated. The findings set forth above are incorporated into
the body of this Ordinance as if fully set forth herein.
SECTION 2: Tax Levied. There is hereby levied and ordered to be assessed and
collected for the fiscal year beginning October 1, 2003, and ending September 30, 2004, and for
each fiscal year thereafter until it be otherwise provided by and ordained on all taxable property,
real, personal and mixed, situated within the corporate limits of the Town of Prosper, Texas, and
not exempt from taxation by the Constitution of the State and valid State laws, an ad valorem
tax for the general operations of the Town at a rate of $0.3241 on each One Hundred Dollars
($100.00) assessed value of taxable property, and shall be apportioned and distributed as
follows:
a. For the purpose of defraying the current expenses of the municipal government
of the Town, a tax of $0.21844 on each One Hundred Dollars ($100.00)
assessed value of all taxable property.
b. For the purpose of creating an interest and sinking fund to pay the interest and
principal on all outstanding debt, capital lease payments, and related fees of the
Town, not otherwise provided for, a tax of $0.10566 on each One Hundred
Dollars ($100.00) assessed value of all taxable property, within the Town which
shall be applied to the payment of such interest and maturities of all outstanding
debt.
ORDINANCE LEVYING TAXES FOR THE 2003 TAX YEAR- Page 1
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Total tax rate of$0.3241 is based on one hundred percent (100%) market value on each
One Hundred Dollars ($100.00) of all taxable property within said Town.
SECTION 3: Due Date of Taxes. The taxes assessed and levied hereby are payable
anytime after the approval and publication of this Ordinance and not later than January 31 of the
year following the year in which the taxes are assessed. The penalties and interest provided for
herein shall accrue after January 31 of the year following the year in which the taxes are
assessed. However, if the entire taxes due as provided herein are paid in full by January 31 of
the year following the year in which the taxes are assessed, no penalty or interest shall be due.
SECTION 4: Penalties and Interest. A delinquent tax shall incur the maximum penalty
and interest authorized by Section 33.01, Texas Property Tax Code, to-wit: a penalty of six
percent (6%) of the amount of the tax for the first calendar month it is delinquent, plus one
percent (1%) for each additional month or portion of a month the tax remains unpaid prior to
July 1st of the year in which it becomes delinquent.
Provided, however, a tax that is delinquent on July 1st of the year in which it becomes
delinquent shall incur a total penalty of twelve percent (12%) of the amount of the delinquent tax
without regard to the number of months the tax has been delinquent. A delinquent tax shall also
accrue interest at a rate of one percent (1%) for each month or portion of a month the tax
remains unpaid. Taxes that remain delinquent on July 1 of the year in which they become
delinquent shall incur an additional penalty of fifteen percent (15%) of the amount of taxes,
penalty and interest due; such additional penalty is to defray the costs of collection as
authorized by Section 6.30, Texas Property Tax Code.
SECTION 5: Place of Payment/Collection. Taxes are payable at the office of the Town
Tax Assessor/Collector. The Town shall have available all rights and remedies provided by law
for the enforcement of the collection of taxes levied under this Ordinance.
SECTION 6: Tax Roll. The tax roll, as presented to the Town Council, together with any
supplement thereto, is hereby accepted.
SECTION 7: Rollback Taxes: All rollback taxes collected during the 2004 fiscal year
shall be deposited only in the General Fund of the Town of Prosper, Texas and said funds shall
not be allocated, in whole or in part, to the Debt Service fund of the Town.
SECTION 8: Savings/Repealing Clause. All provisions of any ordinance in conflict with
this Ordinance are hereby repealed; but such repeal shall not abate any pending prosecution for
violation of the repealed Ordinance, nor shall the repeal prevent prosecution from being
commenced for any violation if occurring prior to the repeal of the Ordinance. Any remaining
portions of conflicting ordinances shall remain in full force and effect.
SECTION 9: Severability. Should any section, subsection, sentence, clause or phrase
of this Ordinance be declared unconstitutional or invalid by a court of competent jurisdiction, it is
expressly provided that any and all remaining portions of this Ordinance shall remain in full force
and effect. Town hereby declares that it would have passed this Ordinance, and each section,
subsection, sentence, clause, or phrase thereof irrespective of the fact that any one or more
sections, subsections, sentences, clauses, or phrases be declared unconstitutional or invalid.
SECTION 10: Effective Date: This Ordinance shall become effective from and after its
adoption and publication as required by law.
ORDINANCE LEVYING TAXES FOR THE 2003 TAX YEAR—Page 2
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DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF
PROSPER, TEXAS, on this 29th day of September, 2003.
aHARL S ANG MAYOR
ATTEST TO:
C
SHANAE JENNI S, Town Se r ry
Date of Publication:62(7 -ea 1 !/ r/4 7669 , Dallas Morning News-Collin County Edition
ORDINANCE LEVYING TAXES FOR THE 2003 TAX YEAR-Page 3
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AFFIDAVIT OF PUBLICATION
STATE OF TEXAS
COUNTY OF DALLAS
Before me, a Notary Public in and for Dallas County, this day personally appeared Lynda
Black, Legal Advertising Representative for the DALLAS MORNING NEWS being duly
sworn by oath, states the attached advertisement of:
TOWN OF PROSPER
as published in THE DALLAS MORNING NEWS —COLLIN COUNTY EDITION on:
— - October 4, 2003
TOWN OF PROSPER, TEXAS October 6, 2003
ORDINANCE NO. 03-56
AN ORDINANCE OF THE TOWN OF PROSPER,
TEXAS LEVYING TAXES FOR THE 2003 TAX YEAR
AT THE RATE OF $0.3241 PER ONE HUNDRED
DOLLARS ($100.00) ASSESSED VALUE ON ALL
TAXABLE PROPERTY WITHIN THE CORPORATE
LIMITS OF THE TOWN OF PROSPER, TEXAS; PRO-
VIDING FOR A DATE ON WHICH SUCH TAXES BE-
COMEENADUE AND DELINQUENT ST TOGETHER WITHN
FOR PE AN INTEREST THEREON; PROVIDING
FOR REPEALING, SAVINGS AND SEVERABILITY
CLAUSES;PROVIDING FOR AN EFFECTIVE DATE OF
T:IIS ORDINANCE;AND PROVIDING FOR THE PUB-
LICATION OF THE CAPTION HEREOF.
(Lynda Black)
Sworn to and subscribed before me this October 7, 2003, A.D
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ti css ••p,RYP •'%.�� (Lisa Battenfield
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Notice of Public Hearing
on Tax Increase
The City of Frisco will hold a public hearing on a proposal to increase
total tax revenues from properties on the tax roll in the preceding year by
36.86 percent. Your individual taxes may increase at a greater or lesser
rate, or even decrease, depending on the change in the taxable value of
your property in relation to the change in taxable value of all other
property and the tax rate that is adopted.
The public hearing will be held on Tuesday, September 2, 2003, 6:30 PM
at Frisco Municipal Complex, 8750 McKinney Road, Frisco, Texas
75034.
FOR the proposal: Mayor Pro Tern Maher Maso,
Deputy Mayor Pro Tern Matt Lafata,
Council Members: Bob Allen,
Tony Felker, Jim Joyner, Joy West
AGAINST the proposal:
PRESENT and not voting:
ABSENT:
• 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 $211,200 $226,734
General exemptions available
(amount available on the average homestead,
not including senior citizen's or disabled
person's exemptions) $0 $0
Average taxable value $211,200 $226,734 •
j Tax Rate
.337049/$100 .432/$100
Tax $711.84 $979.49
• Under this proposal, taxes on the average homestead would increase
• by $267.65 or 37.59 percent compared with last year's tax--
• Comparing tax rates without adjusting for changes in property vaht
the tax rate would increase by $.095 per $100 of taxable value or
28.17 percent compared to last year's tax rate. These tax rate figures
are not adjusted for changes in the taxable value of property.
I '
In City of Prosper
This notice concerns 2003 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 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 $443,659
Last year's debt taxes $250,020
Last year's total taxes $693,679
Last year's tax base $216,838,958
Last year's total tax rate 0.319905/$100
This year's effective tax rate:
Last year's adjusted taxes ' $693,338
(after subtracting taxes on lost property)
/ This year's adjusted tax base $219,071,000
(after subtracting value of new property)
= This year's effective tax rate 0.316400/$100
X 1.03=maximum rate unless unit publishes 0.325800/$100
notices and holds hearing
This year's rollback tax rate:
Last year's adjusted operating taxes(after
subtracting taxes on lost property and adjusting
for any transferred function,tax increment financing
and/or enhanced indigent health care expenditures) $443,441
/ This year's adjusted tax base $219,071,000
= This year's effective operating rate 0.202418/$100
X 1.08=This year's maximum operating rate 0.218611/$100
+ This year's debt rate 0.105666/$100
= This year's rollback rate 0.324277/$100
Statement of Increase/Decrease
If City of Prosper adopts a 2003 tax rate equal to the effective tax rate of$0.316400 per$100 of value,taxes would increase compared to
2002 taxes by$116,934.
Schedule A
Unencumbered Fund Balances
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
Maintenance&Operating 400,000
Interest&Sinking 53,000
Schedule B
2003 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 Interest to be
Contract Payment Paid from Other Total
Description to be Paid from Property Amounts
of Debt Property Taxes Taxes to be Paid Payment
2001 Bond Series 60,300 74,774 800 135,874
1996 Bond Series 30.000 38,737 800 69,537
1998 Bond Series 35.000 29,505 800 65,305
Total required for 2003 debt service $270,716
- Amount(if any)paid from funds listed in Schedule A $0
- Amount(if any)paid from other resources $0
- Excess collections last year $0
= Total to be paid from taxes in 2003 $270,716
+ Amount added in anticipation that the unit will
collect only 100.00%of its taxes in 2003 $0
= Total debt levy $270,716
This notice contains a summary of actual effective and rollback tax rates'calculations.You can inspect a copy of the full calculations at
West Broadway,Prosper TX 75078. /
Name of person preparing this notice:Radean Herron •
1�
Title: Tax Assessor-Collector 1F
Date prepared:August 6,2003 / th