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Notice of Public Hearings on Tax Increase The City of Sulphur Springs will hold two public hearing on a proposal to increase total tax revenues from properties on the tax roll in the preceding tax year by 7.22 percent (percentage by which proposed tax rate exceeds lower of rollback tax rate or effective tax calculated under Chapter 26, Tax Code). 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 first public hearing will be held on Monday, August 28, 2006 at 12 noon The second public hearing will be held on Thursday, August 31, 2006 at 5:30 pm. Both meetings will be held at City Hall, 125 S. Davis, Sulphur Springs, Texas
The members of the governing body voted on the proposal to consider the tax increase as follows:
FOR: Mayor Freddie Taylor, Yolanda Williams, Garry Jordan, Oscar Aguilar, Chris Brown AGAINST: none PRESENT and not voting: none ABSENT: Larry Powers, Clay Walker
Comparison of Proposed Budget with Last Year=s Budget
The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories: Maintenance operations 4.7% increase Debt Service 11.0 % decrease Total Expenditures 11.9 % increase (Total Expenditures includes capital expenditure to be funded by the issuance of new debt)
............................................................. Total Appraised Value and Total Taxable Value as calculated under section 26.04, Tax Code
Preceding Tax Year Current Tax Year Total appraised value* of all property $ 836,051,980 $ 904,205,330 Total appraised value* of new property** $ 9,971,490 $ 14,299,100 Total taxable value*** of all property $ 695,057,871 $ 751,217,085 Total taxable value*** of new property** $ 9,495,160 $ 11,497,000
Bonded Indebtedness
Total amount of outstanding and unpaid bonded indebtedness (debt service fund) $ 5,449,117
Tax Rates
Adopted tax rate for the preceding tax year $ .44 per $ 100 in value Proposed tax rate for the current tax year $ .44 per $ 100 in value Difference in the proposed tax rate and the adopted rate for the preceding year $ 00 per $ 100 in value
Percentage increase or decrease in the proposed tax rate and the adopted tax rate for the preceding year 0 %
These tax rate figures are not adjusted for changes in taxable value of property. Comparison of Residence Homestead Values Average appraised and taxable values on residence homesteads are compared from the preceding tax year and the current tax year.
Preceding Tax Year Current Tax Year Average residence homestead appraised value $ 63,219 $ 67,459
Homestead exemption amount for the taxing unit $ 0 $ 0 (excluding special exemptions for persons 65 years of age or older or disabled)
Comparison of Residence Homestead Taxes
The taxes that would have would have been imposed in the preceding tax year on a residence homestead at the average appraised value (excluding special exemptions for persons 65 years of age or older or disabled) are estimated to be $278.16. The taxes that would be imposed in the current tax year on a residence homestead appraised at the average appraised value in the current tax year (excluding special exemptions for persons 65 years of age or older or disabled), if the proposed tax rate is adopted, are estimated to be $ 296.82. The difference between the amount of taxes on the average residence homestead in the current tax year, if the proposed tax rate is adopted, and the preceding tax year would be an increase of $ 18.66 in taxes.
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