Title
Consider adopting a motion to place a proposal to adopt a property tax rate of $0.5731 on the City Council agenda of September 17, 2013; schedule two public hearings on the proposed rate for August 20, 2013 and September 3, 2013; and take appropriate action.
Body
BACKGROUND:
Truth-in-taxation laws and legislative guidelines require that when a proposed tax rate exceeds the rollback rate or the effective rate, whichever is lower, the taxing unit's governing body must take a record vote to place a proposal to adopt the rate on the agenda of a future meeting as an action item. The effective rate produces the same amount of operating revenue (adjusted for new construction and debt service changes) as the prior year. The rollback rate produces 8% greater operating revenue (adjusted for new construction and debt service changes) as prior year. Adopting a tax rate greater than the rollback rate allows 7% of registered voters an opportunity to sign a petition which would require Council to hold a rollback election to determine whether or not the adopted rate could go into effect. A taxing unit's governing body cannot vote to adopt a proposal to increase taxes by an unspecified amount.
If the motion passes, the governing body must schedule two public hearings on the proposal. The governing body may not adopt the tax rate at either of these hearings. These hearings must take place within the boundaries of the unit; on a weekday that is not a holiday; and in a public building or, if a public building is not available, in a building normally open to the public. The second public hearing may not be held earlier than the third day after the date of the first hearing. At each hearing, the governing body must announce the date, time and place of the meeting at which it will vote on the tax rate.
The governing body must follow a strict timetable once it holds these public hearings. The meeting to vote on the tax rate must take place no less than three days an...
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