To: Mayor and Council
From: Aaron Rector, Interim City Manager
Subject:
Title
Consider an ordinance levying taxes to be assessed on all taxable properties within the city limits of the City of Keller, Texas for the Tax Year 2024 (Fiscal Year 2024-25).
Action Requested:
Approve the ordinance levying taxes to be assessed on all taxable properties within the city limits of the City of Keller for Fiscal Year 2024-25.
Background:
The tax rate proposed in the fiscal year 2024-25 budget is $0.291120/$100 of taxable valuation which is the same total rate as the current year.
The proposed tax rate distribution is summarized (allocated) as follows:
Purpose Rate Percent
Maintenance and operations (M&O) $0.247620 85.1%
Debt service (I&S) 0.043540 14.9%
Total $0.291120 100.0%
The proposed 2024-25 budget tax rate is lower than the no new revenue rate of $0.29855 so there is no state required motion language or record vote required.
At the August 20, 2024, Regular City Council meeting, City Council approved Resolution No. 4829 which set a maximum tax rate under both the no new revenue and voter-approval rate. Therefore, the City is not required to hold a public hearing on a proposal to consider the adoption of a tax rate.
Financial Impact:
The adoption of the tax rate determines the tax levy that is necessary to support the annual budget for the City of Keller. The total proposed levy is $24,168,790 or an increase of $106,346 or 0.44% from the current year levy. The average residential taxable value is $471,929 and the average household levy would be $1,373.88 at the proposed rate of $0.2911200/$100. That is a decrease of $0.01 from the current household levy.
Citizen Input/Board Review:
Not applicable.
Legal Review:
Not applicable.
Alternatives:
City Council has the following alternatives:
- Approve as submitted
- Approve with changes
- Denial