Title
Consider adopting Ordinance No. 3881 accepting the Tax Year 2024 Certification of Appraisal Roll in accordance with Section 26.04(b) of the State Property Tax Code and to levy and adopt the tax rate for Fiscal Year 2024-25 (Tax Year 2024) in accordance with Section 26.05(b); and take appropriate action.
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REQUESTER:
Finance, Fleet, and Facilities Department
BACKGROUND:
Property owners have the right to know about increases in their appraised value and to be notified of the estimated taxes that could result from the new value. This is accomplished by following Truth-in-Taxation requirements to ensure the public is informed of any increases. Truth-in-Taxation is a concept embodied in the Texas Constitution, and the Tax Code requires local taxing units to inform taxpayers of tax rate proposals.
DISCUSSION:
Proposed Ordinance No. 3881 accepts the Tax Year 2024 Certification of Appraisal Roll prepared by the Dallas Central Appraisal District (DCAD), which sets forth the estimated taxable value, after qualified exemptions, for residential and commercial real property and business personal property in the City of Farmers Branch at $9,927,205,747 (nine billion, nine-hundred twenty-seven million, two-hundred five thousand, seven-hundred forty-seven dollars). This amount includes new construction, but excludes properties still under protest.
A certified roll is crucial to providing the City with a level of certainty with regard to the appraised values on which to base its property tax setting decisions and, therefore, its budgeted property tax revenues. On July 31, 2024, City Administration submitted the Proposed Fiscal Year 2024-25 Operating & Capital Improvement Program Budget to the City Council based on the Tax Year 2024 Certification of Appraisal and a reduction in the tax rate of $0.0255 or a tax rate of $0.5435 per $100 - the largest reduction in 41 years. If this rate is adopted, it is essentially a tax rate reduction of $0.060575 from the calcul...
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