Council sets new tax rate

by | Aug 13, 2015 | Latest

By Patty Montagno

Staff Writer

[email protected]

In a unanimous vote during the August 3 meeting, members of the Sachse City Council approved a proposed property tax rate of 75.7279 cents per $100 of assessed value to fund 2015-’16 fiscal year operations.

The tax rate will be addressed at public hearings on Aug. 17 and Sept. 1 prior to formal adoption.

Finance Director Teresa Savage said the city should adopt a tax rate that will at a minimum, support the operations and cover the debt obligations of the city for the 2015-’16 year.

“When a proposed tax rate exceeds the rollback or the effective tax rate, whichever is lower, a vote to place a proposal to adopt the rate on the agenda of a future meeting as an action item is required,” she said. “This vote must be recorded, the proposal must specify the desired rate, two public hearings must be scheduled, and the public notified regarding the dates, times, and place for the hearings.”

Savage said the proposed rate of 75.7279 cents per $100 assessed valuation is the rollback rate as calculated by Dallas County Tax Assessor, or eight percent above the actual tax rate.

“The proposed budget which is being presented tonight is based on a rate of 74.2769 cents, which is the Rollback rate as estimated by city staff,” she said. “The proposal being acted on here sets the maximum rate which would be considered.”

Savage said the city fiscal and budgetary policy states that the debt to operations component of the tax rate should not exceed 30 percent.  The proposed rate of 75.7279 cents is comprised of a Maintenance and Operations rate of 57.2279 cents and an Interest and Sinking rate of 18.50 cents for a ratio of 75.6 percent to 24.4 percent.

Savage explained that the average taxable value of a residence homestead in the city last year was $177,186. Based on last year’s tax rate of 77.0819 cents per $100 of taxable value, the amount of taxes imposed last year on the average home was $1,366.

The average taxable value of a residence homestead in city this year is $196,126. If the governing body adopts the effective tax rate for this year of 71.3377 cents per $100 of taxable value, the amount of taxes imposed this year on the average home would be $1,399. If the governing body adopts the proposed tax rate of 75.7279 per $100 of taxable value, the amount of taxes imposed this year on the average home would be $1,485, an increase of $86.

Before the vote, Savage stated that once the rate is set, council has the option to go lower – but not higher. City council will need to consider setting and adopting a tax rate on a future agenda that supports the overall budget objectives as proposed for the 2015-’16 fiscal year.

 

0 Comments

Related News

Sachse’s offense dominates in win

Sachse’s offense dominates in win

There wasn’t much the Sachse Mustangs couldn’t do to open district play.Sachse (2-2, 1-0) scored at will in the first half on their way to a 56-27 win over Lakeview Centennial (3-1, 0-1) Friday night. Alex Orji led the way offensively, gaining 402 yards total and...

read more
GISD offering virtual job fairs

GISD offering virtual job fairs

Garland ISD is now offering weekly virtual job fairs to connect principals with potential candidates. The job fairs are held every Tuesday from 4 p.m. until 7 p.m. and operate in a “come and go” manner. Recruitment coordinators Alex Rivera and Kishawna Wiggins said...

read more
Council approves city budget

Council approves city budget

Sachse City Council approved the 2021-22 budget and tax rate, amended the school zone ordinance and accepted the resignation of the city secretary during the Sept. 7 meeting. Before approving the budget, council held a public hearing so residents could voice any...

read more
Collin County announces recovery plan

Collin County announces recovery plan

Collin County officials recently published the Collin County Recovery Plan, a 22-page document detailing the projects the county intends to fund using American Rescue Plan Act (ARPA) funds. Along with ARPA funds, the plan includes State and Local Fiscal Recovery Funds...

read more
Fallfest returns in-person

Fallfest returns in-person

Sachse Fallfest will be a return to normal this as the chamber of commerce is planning a one-day, in-person event. Fallfest will be held from 10 a.m. to 5 p.m. Oct. 23 at Heritage Park and will incorporate some of the events included in last year’s Fallfest, which was...

read more
Remembering 9/11

Remembering 9/11

September 11, 2021 marks the 20th anniversary of the 9/11 terrorist attacks. On September 11, 2001, 19 militants associated with the Islamic extremist group al Queda hijacked four airliners and carried out suicide attacks against targets in the United States. Two...

read more
Abbott announces special session agenda

Abbott announces special session agenda

Gov. Greg Abbott announced Sept. 7 that a third special session begins on Sept. 20, with redistricting one of the issues to be considered. The session will include four other agenda items: American Rescue Plan Act appropriations, transgender athletes' participation in...

read more
Sachse’s three keys to beating Denton Braswell

Sachse’s three keys to beating Denton Braswell

Fresh off the first win of the season, the Sachse Mustangs have a short week of work. With a game on tonight and a holiday this past Monday, the Mustangs (1-1) had little practice time ahead of their home game against Denton Braswell (1-1). The Bengals come into the...

read more