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Ad Valorem Tax Rate Public Hearing No. 1

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Ad Valorem Tax Rate Public Hearing No. 1

Publicada em: Governo e ONGs
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Ad Valorem Tax Rate Public Hearing No. 1

  1. 1. 2019 Ad Valorem Tax Rate Public Hearing August 22, 2019
  2. 2. Taxable Property Valuations  Certified Value: $10.0 Billion compared to $9.5 Billion last year  Current year Taxable values increased $492 million, or 4.93%  Property Tax Revenue estimated  O&M = $30,300,000  Debt Service = $21,400,000  General Fund O&M is what is necessary to run the Police and Fire Departments as well as Public Works and Parks & Recreation 6,655 7,141 7,635 7,990 8,902 9,487 9,979 - 2,000 4,000 6,000 8,000 10,000 12,000 2013 2014 2015 2016 2017 2018 2019 Millions Taxable Values
  3. 3. Taxable New Value  Taxable New Value: $308 Million compared to $403 Million last year  Current year New Taxable values decreased $95 million, or 30.82%  New Value makes up 62.60% of the total increase in property values this year  General Fund O&M is what is necessary to run the Police and Fire Departments as well as Public Works and Parks & Recreation 197 215 230 284 409 403 308 - 50 100 150 200 250 300 350 400 450 2013 2014 2015 2016 2017 2018 2019Millions New Value
  4. 4. Where We’ve Been – Ad Valorem Tax Rate 10-Year Growth Rates • City Population Growth = 30.58% • Student Growth = 33.49% • CPI-U Index Growth = 18.16% • City Tax Rate (current) = 13.91% Fiscal Year Tax Rate ($) 2010 43.94 2011 44.75 2012 43.80 2013 43.07 2014 42.60 2015 45.25 2016 45.25 2017 47.25 2018 49.75 2019 50.58
  5. 5. Proposed Property Tax Rate Current Rate Change Proposed FY20 Debt Service Fund 22.0339 0.1105 22.1444 General Fund 28.5502 2.7672 31.3174 50.5841 2.8777 53.4618 Effective Rate 49.5757 Rollback Rate 53.4618 *Rates above are stated cents per $100 assessed valuation
  6. 6. Total Tax Rate Comparison – Proposed to Prior Year Actual Rate • Compared our proposed rate to 28 Cities with Population between 75,000 and 150,000 • College Station’s Proposed Total Tax Rate would rank in the middle 3rd (10th from the lowest) • 64% of the Cities would have a higher tax rate than College Station • The City of Bryan’s tax rate would still exceed College Stations by 9.5372 cents per $100 of assessed valuation Page 18 0 10 20 30 40 50 60 70 80 90 Tyler - 25.9900 Sugar Land - 33.2000 Midland - 39.2249 Conroe - 41.7500 Round Rock - 43.9000 Lewisville - 44.3301 Odessa - 47.6601 McAllen - 49.5677 Allen - 49.8000 College Station - 53.4618 Mission - 54.1100 League City - 55.0000 Longview - 55.8900 Carrollton - 59.4970 Denton - 60.5454 Richardson - 62.5160 Bryan - 62.9990 Pharr - 64.9000 Edinburg - 68.5000 Beaumont - 71.0000 Wichita Falls - 72.9880 Mesquite - 73.4000 Pearland - 74.1200 Killeen - 74.9800 San Angelo - 77.6000 Waco - 77.6232 Abilene - 78.7700 Baytown - 81.2030 City of College Station FY20 Proposed Ad Valorem Tax Rate Comparison of Texas Cities with a Population 75,000 to 150,000 O&M Debt
  7. 7. O&M Tax Rate Comparison – Proposed to Prior Year Actual Rate • College Station’s Proposed O&M or Operational Tax Rate would rank in the bottom 3rd (6th from the lowest) • 79% of the Cities would have a higher tax rate than College Station • The City of Bryan’s O&M tax rate would still exceed College Stations by 16.5534 cents per $100 of assessed valuation 0 10 20 30 40 50 60 70 80 Edinburg - 0.903 Sugar Land - 19.569 Tyler - 25.99 Conroe - 29.25 Pearland - 30.68 College Station - 31.3174 Round Rock - 31.713 Lewisville - 32.0981 Midland - 33.0846 Richardson - 38.124 Longview - 38.42 Odessa - 39.1609 Allen - 39.6038 League City - 40 Denton - 40.0364 Carrollton - 43.887 McAllen - 44.0122 Mission - 45.02 Baytown - 45.7643 Bryan - 47.8708 Mesquite - 48.792 Beaumont - 49.2113 Killeen - 52.81 Pharr - 56.71 Abilene - 60.69 Waco - 65.5934 San Angelo - 68.24 Wichita Falls - 68.7102 City of College Station FY20 Proposed Ad Valorem Tax Rate Comparison of Texas Cities with a Population 75,000 to 150,000 O&M
  8. 8. Estimated Total Tax Bill FY 20  Total tax bill composed of 3 parts – City, CSISD, Brazos County  Proposed Tax rates  2019 Total Tax Bill - $6,618.27  2020 Total Tax Bill - $6,361.12 $1,497.45 $3,470.18 $1,393.49 $0 $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $7,000 Tax Bill COCS CSISD Brazos County
  9. 9. Impact on a Single Family Home • Average Home Price in College Station = $280,098 • The City of Bryan’s Tax Rate will remain unchanged, but it is higher already than College Station’s by 9.5371 cents per $100 of assessed valuation • CSISD property tax rate will be decreasing, but the exact percentage has not yet been verified • Brazos County tax rate is an increase of $.0125 per $100 of assessed valuation to a proposed rate of $0.4975 Approved Tax Rate Effective Tax Rate Annual Increase (Decrease) Home Value 280,098 280,098 Less: Homestead Exemption (5%) (14,005) (14,005) Divided by 100 100 100 Base Home Value 2,661 2,661 - Tax Rate $ 0.534618 $ 0.495757 $ 0.038861 City Tax on Valuation $ 1,422.58 $ 1,319.18 $ 103.41 Percentage increase for FY20 7.84%
  10. 10. Tax Rate Adoption Calendar • Thurs Aug 22 - Ad Valorem Tax Rate Hearing #1 • Thurs Sept 12 • Ad Valorem Tax Rate Hearing #2 • Proposed Budget Public Hearing • Thurs Sept 26 – • Tax Rate Adoption • Budget Adoption All Hearings that the Budget and Tax Rate Adoption are at 6:00pm City Hall Council Chambers Required Actions • Hold the Public Hearings • Announce the date, time and place for the vote on the tax rate

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