City of Marfa Public Hearing on tax rate. 6 PM 8/11/2015.
Will publish some data handed out in print at hearing.
Meeting convened at 6 PM. All council members and city attorney present.
Required public hearing.
1st part is to calculate effective tax rate based on current valuations. Last year's total taxable value minus exemptions. Last year was $118,800,968.00
Tax rate was .45 in 2014
City taxes raised in 2014: $531,534.50
2015 certified values $165,940,330.00
After Exemptions, ceilings, etc $38,493,524.00
Effective tax rate to raises same amount of money as 2014= .417272
2014 Maintenance and Operations tax rate = .276766
2014 M&O taxes= $326,912.62
2015 adjusted tax value= $127,383,256.00
2015 effective M&O tax rate: .256637
2015 rollback M&O tax rate: (8% max net increase prior to rollback election requirement) .277168
2015 Interest and Sinking (debt service): $200,537.61
2014 certified excess debt collections (expected to be 90% but was better this year by a few percentage points) $10,000.00
Adjusted 2015 debt: $190,537.61
2015 anticipated tax collection rate: 90%
2015 debt adjusted for collections: $211,708.46
2015 total taxable value after exemptions: 127,446,806.00
2015 debt tax rate: .166115
2015 rollback tax rate: .443283 (M&O rollback plus debt rollback)
City proposes slightly below rollback rate at .443000
Percent increase from effective to proposed: 6.17%
New improvements and personal property on tax rolls: $63,550
New taxes to be raised from new improvements and personal property: $282
Additional total taxes to be raised: $32,879.00
Meeting adjourned at 6:18 after no public comments.
Basically what the big difference between this year and last year is is the increase in values on existing properties.
As per usual, the City raises the city's portion of the property tax close to the maximum before rollback possibility. The City budget consists of less than 10% property taxes. The City makes most of its money from water, sewer and trash bills, fees for services and sales taxes. Property tax bills are heavy on the school tax side. The County depends greatly on property taxes as the County is limited in pursuing enterprise funds such as water utilities.