DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Justina Tate
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
Adopting the Maintenance and Operations Tax Rates for FY 2019
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, 2018 and ending on December 31, 2018. The estimated Property Tax Revenue for Maintenance & Operation for FY 2019 is $361,881,034 or $21,908,545 more than the FY 2018 Budget.
BACKGROUND INFORMATION:
Property tax values are determined by the Bexar Appraisal District in conformance with State law. FY 2019 total taxable value for the City of San Antonio is $114.7 billion which is an increase in net taxable value of $7.1 billion or 6.6% more than the FY 2018 total taxable value. Included in this total is $2.3 billion in new improvements and an increase of $4.7 billion in existing valuations from the FY 2018 Budget.
The following table shows the components of the FY 2019 Proposed City Property Tax Rate.
CITY PROPERTY TAX RATE (Per $100 Valuation)
FY 2018 Adopted Budget (in cents)
FY 2019 Proposed Budget (in cents)
Maintenance & Operations
34.677
34.677
Debt Service
21.150
21.150
Total
55.827
55.827
ISSUE:
The City's FY 2019 Proposed Property Tax Rate of 55.827 cents per $100 valuation represents a consistent rate when compared to the City's FY 2018 Adopted Property Tax Rate. To meet the requirements of General Fund services recommended in the Proposed Budget, the FY 2019 M&O tax rate is calculated at 34.677 cents per $100 of taxable valuation which represents no change for the City's M&O Property Tax Rate.
ALTERNATIVES:
This item is required by City Charter.
FISCAL IMPACT:
The M&O tax rate for FY 2019 will generate $361,881,034 or $21,908,545 more in revenues for support of City govern...
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