• 2017 Property Tax Rates

2017 Property Tax Rates
This notice concerns 2017 property tax rates for
CITY OF CORSICANA. It presents information about three tax rates. Last year’s tax rate is the actual rate the taxing unit used to determine property taxes last year. This year’s effective tax rate would impose the same total taxes as last year if you compare properties taxed in both years. This year’s rollback tax rate is the highest tax rate the taxing unit can set before taxpayers can start tax rollback procedures. In each case these rates are found by dividing the total amount of taxes by the tax base (the total value of taxable property) with adjustments as required by state law. The rates are given per $100 of property value.
Last year’s tax rate:
Last year’s operating taxes Last year’s debt taxes Last year’s total taxes Last year’s tax base Last year’s total tax rate $5,705,162 $2,432,832 $8,137,998 $1,297,512,338 0.627200/$100
Last This year’s effective tax rate:
Last year’s adjusted taxes (after subtracting taxes on lost property) ÷This year’s adjusted tax base (after subtracting value of new property) =This year’s effective tax rate $8,022,414 $1,340,048,641 0.598600/$100
This year’s rollback tax rate:
Last year’s adjusted operating taxes (after subtracting taxes on lost property and adjusting for any transferred function, tax increment financing, state criminal justice mandate and/or enhanced indigent health care expenditures) ÷This year’s adjusted tax base =This year’s effective operating rate x l.08 = this year’s maximum operating rate + This year’s debt rate =This year’s rollback rate $7,677,70 $1,340,048,641 0.57290/$100 0.618700/$100 0.165000/$100 0.783700/$100
A hospital district or city that collects the additional sales tax to reduce property taxes, including one that collects the tax for the first time this year, must insert the following lines:
-Sales tax adjstment rate =Rollback tax rate 0.154800/$100 0.62890/$100
Statement-of Increase/Decrease
If CITY OF CORSICANA adopts a 2017 tax rate equal to the effective tax rate of 0.598600 per$ I 00 of value, taxes would decrease compared to 2016 taxes by $ 110, 154.
Schedule A: Unencumbered Fund Balances:
The following estimated balances will be left in the unit’s property tax accounts at the end of the fiscal year. These balances are not encumbered by a corresponding debt obligation.
Type of Property Tax Fraud Debt Service Balance 27,000
Schedule B: 2017 Debt Service:
The unit plans to pay the following amounts for long-term debts that are secured by property taxes. These amounts will be paid from property tax revenues ( or additional sales tax revenues, if applicable).
Description of Debt Principal or Contract Payment to be Paid from Property Taxes Interest to be Paid from Property Taxez Other Amounts to be Paid Total payment
2008 G O Bonds 2010 GO Refunding Bonds (*2) 2011 GO Bonds 2013 G O Bonds 2015 G O Refunding & Imp Bonds 2016 G O Bonding & Imp Bonds 2011 Capital Purchases & Projects 2013 Capital Purchases & Projects 2014 Capital Purchases & Projects 2015 Capital Purchases & Projects 2016 Capital Purchases & Projects 2017 Capital Purchases & Projects 2018 Anticipated Capital Purchases & Projects 165,000 85,000 140,000 140,000 215,848 535,00 60,00 27,159 40,145 54,863 5,551 41,232 131,2370,822 10,400 90,457 92,225 140,559 207,800 4,84250 534 6,787 344 9,014 31,688 1,400 500 1,00 1,000 1,00 1,000 0 0 0 0 0 0 0 247,22295,900 231,57 233,225 357,407 743,80 64,32 27,209 40,679 61,650 5,85 50,246 162,925
Total required for 2017 debt service - Amount (if any) paid from funds listed in Schedule A - Amount (if any) paid from other resources - Excess collections last year = Total to be paid from taxes in 2017 + Amount added in anticipation that the unit will collect only 98.000000% of its taxes in 2017 = Total Debt Levy $2,322,547 $141,789 $0 $0 $2,180,758 $44,505 $2,225,263
Schedule C -Expected Revenue from Additional Sales Tax
(For hospital districts, cities and counties with additional sales tax to reduce property taxes) In calculating its effective and rollback tax rates, the unit estimated that it will receive$ 2,088,129 in additional sales and use tax revenues. For County: The county has excluded any amount that is or will be distributed for economic development grants from this amount of expected sales tax revenue.
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PostedAugust 12, 2017