DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Maria Villagomez
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Adopting the Maintenance and Operations Tax Rates for FY 2016
SUMMARY:
This item presents for City Council consideration an ordinance adopting the Ad Valorem City Property Tax Rate for Maintenance and Operation (M&O) for the City of San Antonio at 34.677 cents per $100 of taxable valuation for the tax year beginning on January 1, 2015 and ending on December 31, 2015. In FY 2016 the City of San Antonio proposes a decrease to the City's Property Tax Rate of 3/4 of one cent. The Estimated Property Tax Revenue for Maintenance & Operation for FY 2016 is $293,694,785 or $25,217,021 more than the FY 2015 Adopted Budget.
BACKGROUND INFORMATION:
Property tax values are determined by the Bexar Appraisal District (BAD) in conformance with State law. FY 2016 total taxable value for the City of San Antonio is $90.59 billion which is an increase in net taxable value of $10.8 billion or 13.5% more than the FY 2015 Adopted Budget. Included in this total is an increase of $2.25 billion for new improvements and an increase of $8.56 billion in existing valuations from the FY 2015 Adopted Budget.
A reduction in the City's Property Tax Rate for Maintenance & Operations is included in the City's FY 2016 Proposed Budget. The following table shows the components of the FY 2016 Proposed City Property Tax Rate.
CITY PROPERTY TAX RATE (Per $100 Valuation)
FY 2015 Adopted Budget (in cents)
FY 2016 Proposed Budget (in cents)
Maintenance & Operations
35.419
34.677
Debt Service
21.150
21.150
Total
56.569
55.827
ISSUE:
The City's FY 2016 Proposed Property Tax Rate of 55.827 cents per $100 valuation represents a decrease of 3/4 of 1 cent compared to the City's FY 2015 Adopted Property Tax Rate.
State property tax law requires taxing units to calculate the M&O portion of the tax rate to yield the same amount of op...
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