Title
Consider adopting Ordinance No. 3294 approving the 2014 tax roll certified by the Dallas Central Appraisal District and take appropriate action.
Body
BACKGROUND:
Proposed Ordinance No. 3294 approves the 2014 tax roll certified by the Dallas Central Appraisal District. The certified tax roll sets forth the taxable value, after qualified exemptions for residential and commercial real property and business personal property in the City of Farmers Branch at $4,216,240,665 (four billion, two-hundred sixteen million, two-hundred forty thousand, six hundred sixty-five dollars). This amount includes new construction, but excludes properties still under protest. This represents a $370,849,048 increase (approximately a 9.64% increase) in taxable value from the July 2013 certified tax roll.
DISCUSSION:
A historical perspective of the City’s total property (real and business personal) value is identified in Attachment 1. For the 2014-15 fiscal year, each one-cent on the tax rate equates to approximately $421,624 (assuming 100% collection and excluding values under protest). Total property values increased 9.64%. Residential property increased 4.67% (footnotes detail change excluding new construction), commercial real property increased 11.81%, and business personal property increased 9.27%.
This ordinance supports Core Value No. 7 (Fiscally Sound Government).
RECOMMENDATION:
City Administration recommends the adoption of Ordinance No. 3294 approving the 2014 tax roll certified by the Dallas Central Appraisal District.
ACTIONS:
1) Motion to adopt Ordinance No. 3294 approving the 2014 tax roll certified by the Dallas Central Appraisal District.
2) Motion to deny Ordinance No. 3294 approving the 2014 tax roll certified by the Dallas Central Appraisal District.
3) Motion to modify Ordinance No. 3294 to meet the needs of the Council.
4) Motion to table the issue for further study or take no action.
ATTACHMENTS:
1. Historical Perspective of City’s Total Property Value
2. Ordinance No. 3294, including Exhibit A - Certified Tax Roll