Laserfiche WebLink
CITY COUNCIL AGENDA ITEM BRIEFING SHEET <br />Submittal Date: <br />Originating Department: <br />Presented By: <br />Agenda Item No.: <br />08-18-11 <br />Council Date: <br />Finance <br />Gene Anderson <br />17. <br />08-22-11 <br />RECOMMENDED MOTION: <br />Move to approve an ordinance fixing the tax rate, tax levy, and levying the ad valorem taxes for the City <br />of Paris for FY 2011-12. <br />POLICY ISSUE(S): <br />Required by statute. <br />BACKGROUND: <br />This ordinance sets the City of Paris tax rate at 52 cents per $100 of property value. The tax rate of 52 <br />cents per $100 of value is broken down between operations/maintenance costs (41 cents per $100 of <br />value) and debt (11 cents per $100 of value). It establishes the tax levy based on the 52 cent rate, and <br />directs that the levy be entered into the City's records. <br />The proposed rate is 0.16% below the effective rate of 52.088 cents per $100 of value. The total taxable <br />value of the City dropped by $17,291,641. At the proposed rate, the owner of an average residential <br />homestead ($70,003) will pay $364.01 in property tax to the City. This is the fourth consecutive year to <br />keep a$0.52 rate, and the tax rate has not been lower since 1996. <br />BOARD/COMMISSION RECOMMENDATION: <br />None <br />EXHIBITS: <br />Ordinance <br />ACTION: <br />BUDGET INFO: <br />❑ Financial Report ❑ Minute Order <br />Expense <br />$NA <br />❑ Department Report ❑ Resolution <br />Budgeted Amt. <br />$NA <br />❑ Presentation Z Ordinance <br />y'I'D Actual <br />$NA <br />❑ Public Hearing ❑ Other <br />Acct. Name <br />NA <br />Acct. Number <br />NA <br />FISCAL NOTES: <br />None <br />REVIEWED AND APPROVED BY: <br />Z Administration Z City Cletk ❑ Communiry Development ❑ EMS/IT Z Finance ❑ Fire <br />❑ Municipal Court Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities <br />City of Paris Revised 2/04/08 <br />128 <br />