13-Deliberate and possibly act on an Ordinance setting the tax rate fot the calendar year 2010 for the City of Paris

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CITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Presented By: Agenda Item No.: 09/3/10 Council Date: Finance Gene Anderson 13. 09/13/10 RECOMMENDED MOTION: NOT AN ACTION ITEM - FIRST READING. [IF SUPERMAJORITY RULE INVOKED - Move to approve an ordinance fixing the tax rate, tax levy, and levying the ad valorem taxes for the City of Paris for FY 20010-2011.] POLICY ISSUES): Required by statute. BACKGROUND: This ordinance sets the City of Paris tax rate at 52 cents per $100 of property value. The tax rate of 52 cents per $100 of value is broken down between operations/maintenance costs (41.713 cents per $100 of value) and debt (10.287 cents per $100 of value). It establishes the tax levy based on the 52-cent rate, and directs that the levy be entered into the City's records. The proposed rate is 2.2% below the effective rate of 53.19 cents per $100 of value because the total taxable value of the City dropped by $26.3 million, i.e. this is a net decrease in City taxes. At the proposed rate, the owner of an average residential homestead ($68,635) will pay $356.90 in property tax to the City. This is the third consecutive year to keep a $0.52 rate, and the tax rate has not been lower than $0.52 since 1996. BOARD/COMMISSION RECOMMENDATION: None EXHIBITS: Ordinance; Tax rate distribution graph and table. ACTION: BUDGET INFO: ❑ Financial Report ❑ Minute Order Expense $NA ❑ Department Report ❑ Resolution Budgeted Amt. $NA ❑ Presentation ® Ordinance YTD Actual $NA ❑ Public Hearing ❑ Other Acct. Name NA Acct. Number NA FISCAL NOTES: None REVIEWED AND APPROVED BY: ® Administration ® City Clerk ❑ Community Development ❑ EMS/IT ® Finance ❑ Fire ❑ Municipal Court ® Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities City of Paris Revised 2/04/08 98