Title
Consider adopting Ordinance No. 3699 accepting the Tax Year 2021 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 2021-22 (Tax Year 2021) and take appropriate action
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BACKGROUND:
Property owners have the right to know about increases in their properties' 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 make taxpayers aware of tax rate proposals. The City of Farmers Branch has complied with all aspects of the Truth-in-Taxation process.
DISCUSSION:
Proposed Ordinance No. 3699 accepts the Tax Year 2021 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 $6,951,338,755 (six billion, nine hundred fifty-one million, three hundred thirty-eight thousand, seven-hundred fifty-five 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 30, 2021, City Administration submitted the Proposed Fiscal Year 2021-22 Operating & Capital Budget to the City Council based on the Tax Year 2021 Certification of Appraisal. The City Council passed a motion on September 7, 2021 to consider a proposed rate of $0.589 as a maximum rate for discussion purposes.
Property Tax Code Section 26.05 and Texas Local Government Code, Chapters 1...
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