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Consideration of an Ordinance Adopting the FY 2023-24 Tax Rate.
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ADMINISTRATIVE COMMENTS:
This action will adopt the City’s annual ad valorem tax rate for all taxable property at $0.419079 per $100 of assessed valuation. Council has proposed reducing the tax rate by $0.024222 from the prior year rate of $0.443301. The proposed rate combines the following: Maintenance and Operations $0.296759 and Principal and Interest on Debt Service $0.122320 for a total tax rate of $0.419079. The proposed tax rate exceeds the no-new-revenue tax rate of $0.392761. Therefore, specific language is required in the ordinance, the vote on this ordinance must be a record vote and approved by at least 60 percent of the members of the governing body. For the City of Lewisville, this would equal at least five voting members. The motion to adopt the ordinance must be made using specific language as found in the recommendation below.
RECOMMENDATION:
That City Council approve the proposed ordinance adopting the FY 2023-24 tax rate with the following motion: “I move that the property tax rate be increased by the adoption of a tax rate of $0.419079, which is effectively a 6.7 percent increase in the tax rate.”