SUBJECT
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Public Hearing and Introductory Ordinance for the adoption of a tax rate of $0.507623 per $100.00 of value for Tax Year 2024. The tax rate will provide revenue for the general fund and debt service. The rate includes $0.396888 per $100.00 of value for Maintenance and Operation and $0.110735 per $100.00 of value for Interest and Sinking Fund of the Debt Service and is estimated to generate a tax levy of $120,850,126. The City Council is scheduled to vote on the tax rate on September 16, 2024, at 5:30 P.M. at City of Laredo, City Hall Chambers, 1110 Houston St., Laredo, Texas 78040.
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PREVIOUS COUNCIL ACTION
On August 5, 2024, City Council voted to set September 10, 2024 as the public hearing date and introduce an ordinance for the adoption of a proposed tax rate of $0.507623 per $100 of value for Tax Year 2024. However, due to a lack of a quorum, the meeting date of September 10, 2024 was moved to September 11, 2024.
BACKGROUND
Adoption of the ad valorem tax rate must be done in accordance with the Truth-in-Taxation Guidelines of the State of Texas Property Tax Code. Based on the certified numbers provided by the Webb County Appraisal District, a tax rate of $0.507623 per $100 of value meets the budget requirements for the operations of general fund and payment of debt service.
Proposed Tax Rate $ 0.507623 per $100 of Value
Current Tax Rate $ 0.533945 per $100 of Value
Variance $-0.026322 per $100 of Value
Tax levy is based on the proposed tax rate as follows:
2024 Certified Value
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Certified Approved Value $23,875,316,834
Under ARB Review Value $ 452,055,885
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Total Cer...
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