DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Maria Villagomez
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Adopting the Debt Service Tax Rate for FY 2016
SUMMARY:
This item presents for City Council consideration an ordinance adopting the Ad Valorem City Property Tax Rate to pay the principal and interest on the funded debt of the City of San Antonio at 21.150 cents per $100 of taxable valuation for the tax year beginning on January 1, 2015 and ending on December 31, 2015. The Estimated Property Tax Revenue to pay outstanding debt of the City for FY 2016 is $179,128,665 or $18,810,623 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 net 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 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.
Calculation of the debt service portion of the property tax rate is dependent on the City's debt service requirements. The debt service rate for FY 2016 is calculated at 21.150 cents per $100 of taxable valuation which is equa...
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