City Council Adopted the General Fund Maintenance and Operations Tax Rate

CoB City Council adopted the tax rate for General Fund Maintenance and Operations at $0.484 per $100 valuation for the fiscal year ending September 30, 2021, and adopting the tax rate for Debt Service at $0.31115 per $100 for the fiscal year ending September 30, 2021. The City’s tax rate consists of the following two components, each of which must be approved separately:

1. the rate that, if applied to the total taxable value, will impose the amount of taxes needed to pay debt service; and
2. the rate that, if applied to the total taxable value, will impose the amount of taxes needed to fund maintenance and operation expenditures of the City for the next year.

Sections 2 and 3 of the proposed ordinance adopt, assess and levy the tax rate for General Fund Maintenance and Operations; and Sections 4 and 5 of the proposed ordinance adopt, assess and levy the tax rate for debt service. The proposed tax rate of $0.484 per $100 valuation for maintenance and operations together with the proposed tax rate of $0.31115 per $100 valuation for debt service does not exceed the no-new revenue tax rate or the voter-approval tax rate. 

This results in a total tax rate of $0.79515 per $100 valuation, which is a rate reduction of $0.00688.