19 - Memo to GB - Proposed FY24-25 Budget - July 2024 (002)

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The Maintenance and Operation tax rate is decreasing while the Debt Service Tax rate is increasingin FY23/24.The following represents a comparison of FY21/22, FY22/23, and FY 23/24 vs. the Proposed FY24/25Tax Rates: YearM&ODebtTotal FY21/22$0.37357$0.08016$0.45373 FY22/23$0.34377$0.09901$0.44278 FY23/24$0.32176$0.15606$0.47782 FY24/25$0.30373$0.14828$0.45201Preliminary The following represents a comparison of these tax rates against that of the Proposed FY23/24 tax rate: FY24/25FundFY21/22FY22/23FY23/24 $0.30373M & O($0.06984)($0.04176)($0.01803) $0.14828Debt$0.06812$0.04927($0.00778) $0.45201Total($0.00172)$0.00923($0.02581) This Tax Rate is, to the best of our determination using the Comptroller’s Forms, in full compliance with Senate Bill 2, also known as the Texas Property Tax Reform and Transparency Act of 2019, approved by the Texas Legislature in 2019. To calculate the Property Tax of a Home, the following formula can be used: (Value of Home/100) x $0.45201= Property Tax to be Paid Example: $100,000.00 Value Home:($100,000.00/100) x $0.45201= $1,000 x $0.45201=$452.01 Please note that the Property Tax Rates of Lamar County, Paris Junior College, and either the Paris ISD, North Lamar ISD, or Chisum ISD will alsoaffect the Property Tax to be paid.In FY23/24,the following shows the Property Tax Rates broken out by School Districtfor FY23/24. Total Taxes under Chisum ISDTotal Taxes under North Lamar ISDTotal Taxes under Paris ISD Taxing Entity2023 RatePercent of TotalTaxing Entity2023 RatePercent of TotalTaxing Entity2023 RatePercent of Total City of Paris$0.477824%City of Paris$0.477826%City of Paris$0.477826% Paris Junior College$0.07104%Paris Junior College$0.07104%Paris Junior College$0.07104% Lamar County$0.304515%Lamar County$0.304517%Lamar County$0.304517% Chisum ISD$1.158058%North Lamar ISD$0.956653%Paris ISD$0.963753% $2.0113100%$1.8099100%$1.8170100% Depending on which ISD a residentlives, the City of Paris’ Property Tax Rate in 2023(FY23/24)was either 24%or 26%of their total Property Tax Bill.The 2024(FY24/25)Property Tax Rates are not yet known, but they are likely not to change dramatically.It should therefore be noted that when the Cityutilizes it’s 3.5% growth as allowed by the Texas Property Tax Reform and Transparency Act of 2019, while critical to the City’s Financial Policy and planned operation, ithasa nearly de minimis impactas compared to the total tax bill owed by a resident. City of Paris Charter –Article V –Section 43(5) “Tax levies and tax collections by years for at least five years or, if records for five years are not available, then for as many years as are available.” Page 13of 18