23 - Public Hearing on Proposed 2021-22 Tax Rate

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Form 50-876 NOTICE OF PUBLIC HEARING ON TAX INCREASE A tax rate of $_,0.45373_ per $100 valuation has been proposed by the governing body of City of Paris . PROPOSED TAX RATE 0.45373 per $100 NO -NEW -REVENUE TAX RATE 0.43542 per $100 VOTER -APPROVAL TAX RATE L 0.45373 per $100 The no -new -revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for City of Paris from the same properties in both the 2020 tax year and the 2021 tax year. The voter -approval rate is the highest tax rate that City of Paris may adopt without holding an election to seek voter approval of the rate. The proposed tax rate is greater than the no -new -revenue tax rate. This means that City of Paris is proposing to increase property taxes for the 2021 tax year. A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 13, 2021 5:30 P.M. at City Council Chambers,107 E. Kaufman Street, Paris, Texas. The proposed tax rate is not greater than the voter -approval tax rate. As a result, City of Paris is not required to hold an election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition to the proposed tax rate by contacting the members of the City Council of City of Paris at their offices or by attending the public hearing mentioned above. YOUR TAXES OWED UNDER ANY OF THE TAX RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS: Property tax amount = ( tax rate ) x ( taxable value of your property ) / 100 FOR the proposal: ....... .- ..... - AGAINST the proposal: - PRESENT and not voting: ABSENT: The 86th Texas Legislature modified the manner in which the voter -approval tax rate is calculated to limit the rate of growth of prop-erty taxes in the state. The following table compares the taxes imposed on the average residence homestead by City of Paris last year to the taxes proposed to the be imposed on the average residence homestead by City of Paris this year. Total tax rate (per $100 of value) Average homestead taxable value Tax on average homestead. Total tax levy on all properties 2020 2021 - ----- - � -Change 0.48078 1 0.45373 Decrease of 0.02705 per $100 or 5.62%. $97,102 $106,395 Increase of $9,293 or 9.57%. $466.85 I $482.75 ' Increase of $15.90 or 3.40%. $9,774,249 $9,928,089 Increase of $153,840 or 1.57% (if the tax assessor for the taxing unit maintains an internet website) For assistance with tax calculations, please contact the tax assessor for City of Paris at 903-784-9241 or ganderson@paristexas.gov, or visit www.paristexas.gov for more information. 50-876 • Rev.4-20