12 Deliberate and action on an Ordinance adopting a new division and section to the existing Code of Ordinances of the City of Paris

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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Presented By: Agenda Item No.: 4/24/08 Council Date: Legal Department W. Kent McIlyar 12. 4/28/08 RECOMMENDED MOTION: Deliberate and action on an Ordinance adopting a new division and section to the existing Code of Ordinances of the City of Paris, Texas relating to establishment of a limit on taxes for qualifying individuals pursuant to Article 8, Section 1-b(h) of the Texas Constitution and Texas Tax Code Section 11.261. POLICY ISSUE(S): Fiscal and election BACKGROUND: Effective January 1, 2004, a new amendment to Article 8, Section 1-b(h) of the Texas Constitution authorizes the governing body of a municipality to enact an ordinance to create a"tax limit" or "tax ceiling" on property taxes for owners of residence homesteads who are either disabled (as defined by Sec. 11.13(c) of the Texas Tax Code) or age 65 years or older. The process for implementing this "tax ceiling" or "tax freeze" by City ordinance is set forth in detail in Sec. 11.261 of the Texas Tax Code. BOARD/COMMISSION RECOMMENDATION: N/A EXHIBITS: Petition/Ordinance and Projected revenue loss. ACTION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $ ❑ Department Report ❑ Resolution Budgeted Amt. $ ❑ Presentation ~ Ordinance y'I'D Actual $ ❑ Public Hearing ❑ Other Acct. Name Acct. Number FISCAL NOTES: REVIEWED AND APPROVED BY: * Administration ❑ City Clerk ❑ Community Development ❑ EMS/IT [D Finance ❑ Fire ❑ Municipal Court [D Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Urilities City of Paris Revised 2/04/08 - OOUObg