Title
Conduct a public hearing and consider adopting a property tax rate of $0.604075; and take appropriate action.
Body
REQUESTER:
Finance, Fleet, and Facilities Department
BACKGROUND:
A Budget Retreat of the City Council was held on July 16, 2024, to discuss and provide guidance related to the City’s proposed budget and proposed tax rate. Numerous discussions were also held between April and September and a final discussion was held earlier this evening.
In compliance with the State Property Tax Code, the City Council passed a motion during the August 20, 2024 City Council meeting proposing that the City consider approving a maximum property tax rate of $0.604075. No tax rate was adopted at that meeting.
The proposed maximum property tax rate is the maximum rate the City Council intends to consider and was purposely approved to provide flexibility when considering public requests and initiatives that may impact the budget that was presented on July 31, 2024, and revised after the Special Called City Council meeting on September 6, 2024. The proposed maximum rate was published in the Dallas Morning News on August 28, 2024.
The final budget, ratification of any tax revenue increase reflected in the budget, and property tax rate adoption are scheduled to take place later this evening.
The procedure tonight will be as follows:
1. The Mayor will open the public hearing.
2. Comments will be heard from citizens.
3. The hearing will be closed, and the City Council will take action to vote to adopt the tax rate later this evening.
4. City Council discussion will follow.
FISCAL IMPACT:
Financial Impact - Supports the City’s proposed Fiscal Year 2024-25 budget.
DISTRICT:
All
ATTACHMENT(S):
1. Notice of 2024 Tax Rates
2. Presentation