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Item No. 4 <br />memorandum <br />TO: Mayor, Mayor Pro -Tem & City Council <br />Rose Beverely, City Manager <br />FROM: Gene Anderson. Interim Finance Director <br />SUBJECT: ORDINANCE ADOPTING THE PROPERTY TAX RATE AND TAX LEVY <br />DATE: September 9, 2025 <br />BACKGROUND: Each year the City Council must adopt a property tax rate sufficient to fund the <br />city budget as adopted by the Council. The ordinance setting the tax rate also indicates the amounts <br />of budget appropriations resulting from levying the adopted property tax rate. <br />At the proposed tax rate, the average residential homestead valued at $161,132.00 will pay $761.17 <br />in city property taxes. <br />STATUS OF ISSUE: The City Council, having adopted the 2025-26 City budget, must now adopt <br />a property tax rate of .47239 per $100 of valuation (0.30773 O&M rate and 0.16466 I&S rate). <br />This rate should produce $9,030,000 for the General Fund and $4,418,034 for the Interest & <br />Sinking Funds from which debt payments are made. <br />BUDGET: N/A <br />RECOMMENDATION: Motion to approve an ordinance fixing the property tax rate, property tax <br />levy, and levying the ad valorem taxes for the City of Paris for fiscal year 2025-26. The wording <br />of the motion is dictated by the State Property Tax Code Section 26.05(b) and is shown below. <br />"I move that the property tax rate be increased by the adoption of a tax rate of $0.47239, which is <br />effectively a 10.62 percent increase in the tax rate." <br />Tax Code Sec. 26.05(b) further requires that the ordinance must be passed in a record (roll call) <br />vote. <br />