Subject:
Title
Intent to adopt the Real Estate Tax Rate for FY 2019-20
Body
EXPLANATION AND SUMMARY:
A public hearing on the proposed real estate tax rate of $0.2250 per $100 of assessed value for fiscal year 2019-20 was held May 13, 2019. The proposed budget, as revised, is based on that rate along with continuation of the current Bank Net Capital rate of $0.80 per $100 of valuation and a Residential Utility Tax rate of 20% of the first $15 and a Commercial Utility Tax rate of 15% of the first $300.
The real estate tax rate of $0.2250 per $100 of assessed value is the basis for the proposed FY 2019-20 budget. The Proposed Budget was presented and reviewed by Town Council at work sessions on March 16 and 18 and April 22, 2019.
The proposed advertised tax rate is $0.2250 (or 22.50 cents) per $100 value.
Departmental Recommendation: Recommend adoption of a real estate property tax rate of $0.2250 per $100 of assessed value for fiscal year 2019-20.
Finance Recommendation: Recommend adoption of a real estate property tax rate of $0.2250 per $100 of assessed value for fiscal year 2019-20.
Purchasing Recommendation: N/A
Town Attorney Recommendation: Following receipt of comments at the public hearing, Town Council may adopt the proposed tax rates in its discretion.
Town Manager's Recommendation: I recommend the Town Council approve a resolution setting the tax rates as presented.
Cost and Financing: Revenue of approximately $11,717,800 based on 1/1/19 assessed values and a tax rate of $0.2250 for FY 2019-20.
Account Number: 100-000-0000-00000-31121
Decision Needed by This date: May 13, 2019
PROPOSED/SUGGESTED MOTION
Recommended Action
“I move to approve a resolution setting tax rates for the fiscal year beginning July 1, 2019 as follows:
• Real Estate Tax Rate of $0.2250 per $100 of assessed valuation
• Bank Net Capital Tax Rate of $0.80 per $100 of valuation
• Residential Utility Tax Rate of 20% of the first $15
• Commercial Utility Tax Rate of 15% of the first $300."
And
“I further move that the Town Clerk be directed to advertise a Notice of Adoption.”
Or
Other action deemed necessary by Council.