HomeMy WebLinkAbout033153 ORD - 09/05/2023Ordinance setting a property tax rate of $0.599774 per $100 valuation
which is effectively an 8.3% increase over the no -new -revenue tax rate
and approving the tax roll as calculated.
WHEREAS, this tax levy is in accordance with the City's fiscal year 2023-2024
operating budget adopted on September 5, 2023;
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS CHRISTI,
TEXAS:
SECTION 1. The City Council of the City of Corpus Christi does hereby levy and adopt
the ad valorem tax rate on $100 valuation for this city for tax year 2023 as follows:
$0.378825 for the purpose of maintenance and operation
0.220949 for payment of principal and interest on debt
$0.599774 Total Tax Rate
THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND
OPERATIONS THAN LAST YEAR'S TAX RATE.
THE TAX RATE WILL EFFECTIVELY BE RAISED BY 5.2 PERCENT AND
WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A
$100,000 HOME BY APPROXIMATELY $18.38.
SECTION 2. There is hereby levied, to be assessed and collected in current money of
the United States of America, for the use of the City of Corpus Christi, Texas, for the tax
year 2023 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.378825 on each one hundred dollar value on
all property, real, personal, and mixed, located within the City of Corpus Christi upon
which a tax is authorized to be levied by law and upon all franchises of all individuals,
partners, and corporations holding franchises in the City for defrayment of current
expenses of the government of the City of Corpus Christi. Included in this tax is the
unused increment rate from the prior three tax years of $0.006239 on each one hundred
dollar value. Said tax shall be assessed upon 100 percent of the market value of property
subject thereto. Four cents shall be dedicated for residential street reconstruction in
accordance with Article VIII, Section 1(c) of the City Charter and shall be transferred from
the General Fund to a dedicated fund on a monthly basis. If the tax rate is reduced by
the results of an election to repeal the tax increase to the voter -approval rate, then the
reduction shall first reduce the aforementioned residential street reconstruction portion of
the tax rate and dedicated fund.
SECTION 3. There is hereby levied, to be assessed and collected in current money of
the United States of America, for the use of the City of Corpus Christi, Texas, for the tax
year 2023 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.220949 on each one hundred dollar value on
all property, real, personal, and mixed, and franchises described in Section 2 of this
ordinance and assessed upon 100 percent of the market value of property subject thereto,
said taxes to be appropriated for the purpose of creating a sinking fund to pay the interest
and principal maturities on all outstanding City of Corpus Christi bonds not otherwise
provided for and including the interest, agent fees, and maturities of the following City of
Corpus Christi bonds:
033153
SaCIANNED
ANNUAL DEBT SERVICE DUE
FY 2023-2024
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Principal
Interest &
Fees
Total
2012 Public Property Contractual Obligations
$685,000
$7,432
$692,432
2014 Public Property Financial Obligations
$820,000
$51,850
$871,850
2015 Taxable CO's - Landfill
$455,000
$261,559
$716,559
2015 General Obligation - Bond 2014
$4,130,000
$2,814,150
$6,944,150
2015 GO Refunding 2007A & 2009
$6,780,000
$1,886,750
$8,666,750
2016 CO's - Facilities
$90,000
$52,663
$142,663
2016A Tax & Limited Pledge CO's - Streets
$720,000
$465,200
$1,185,200
2016A GO's Refunding - Streets
$435,000
$93,225
$528,225
2016A GO's Refunding - TMPC
$770,000
$52,285
$822,285
2017 Tax & Limited Pledge CO's - Landfill
$260,000
$29,136
$289,136
2018A Comb Tax & Ltd Pledge Revenue CO's
$610,000
$611,650
$1,221,650
2018B Comb Tax & Ltd Pledge Revenue CO's,
Taxable
$305,000
$263,050
$568,050
2018 General Improvement Bonds - Streets
$690,000
$736,500
$1,426,500
2019A General Obligation Bonds - Parks
$855,000
$117,460
$972,460
2019B Comb Tax & Surplus GO's - Airport,
Taxable
$400,000
$71,808
$471,808
2020A General Obligation Improvement
$2,865,000
$3,168,125
$6,033,125
2020B GO Refunding -Streets
$1,325,000
$1,181,625
$2,506,625
2020C.1 General Improvement Refunding
Bonds - Airport, Taxable
$0
$48,143
$48,143
2020C.2 General Improvement Refunding
Bonds - Landfill, Taxable
$0
$115,030
$115,030
2020C.3 General Improvement Refunding
Bonds - Landfill, Taxable
$0
$167,825
$167,825
2020C.4 General Improvement Refunding
Bonds - Landfill, Taxable
$0
$145,829
$145,829
2020C.5 General Improvement Refunding
Bonds - Landfill, Taxable
$0
$799,705
$799,705
2021A Comb Tax & Ltd Pledge CO's
$295,000
$295,775
$590,775
2021B Comb Tax & Ltd Pledge CO's - Landfill
Taxable
$390,000
$165,567
$555,567
2021C.1 General Improvement Refunding -
Taxable
$7,090,000
$144,622
$7,234,622
2021C.2 General Improvement Refunding -
Taxable
$4,360,000
$100,035
$4,460,035
2021D.1 General Improvement Refunding -
Airport, Taxable
$935,000
$356,125
$1,291,125
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In addition to the ad valorem tax levy for debt service totaling $58,131,222 the balance of
this debt, if any, incurred by the City of Corpus Christi shall be funded from sources other
than ad valorem taxes.
SECTION 4. All taxes for the tax year 2023 hereby levied shall be due on receipt of the
tax bill and shall be delinquent if not paid before February 1, 2024, except as otherwise
provided in the Texas Property Tax Code; and penalty and interest shall be due on any
delinquent taxes as provided by Chapter 33 of the Property Tax Code. No discount shall
be allowed for early payment of taxes. The Texas Constitution, Property Tax Code, and
other applicable laws shall govern all matters related to the taxes levied herein, and the
City shall have all authority thereunder.
SECTION 5. City staff, acting through the City Manager, are directed to notify the tax
assessor ("Assessor") of the tax rate for the tax year 2023 adopted pursuant to this
ordinance, which rate the Assessor shall use in calculating the tax imposed on each
parcel of property included on the City's appraisal roll, which tax amounts the Assessor
shall enter in the appraisal roll and submit to the City for approval, all in accordance with
Section 26.09 of the Texas Property Tax Code. Pursuant to this clause, the appraisal roll
with amounts so calculated, entered, and submitted to the City is hereby approved and
constitutes the City's tax roll.
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Principal
Interest &
Fees
Total
2021E General Improvement Refunding —
Airport, AMT
$240,000
$48,900
$288,900
2022A Comb Tax & Ltd Pledge Revenue CO's
$320,000
$478,000
$798,000
2022B Tax Ltd Revenue CO's — Landfill,
Taxable
$310,000
$414,933
$724,933
2022C General Improvement Bonds
$985,000
$1,482,825
$2,467,825
2023A Comb Tax & Ltd Pledge Revenue CO's
$140,000
$312,257
$452,257
2023B Comb Tax & Ltd Pledge CO's — Landfill
Taxable
$140,000
$464,274
$604,274
2023B Comb Tax & Ltd Pledge CO's — Golf
Taxable
$20,000
$74,256
$94,256
,2023 General Improvement Bonds
$780,000
$1,779,204
$2,559,204
2023 Ltd Tax Notes
$385,000
$179,146
$564,146
Total required for FY 2024 debt service
$58,021,919
Less: Amount to be paid from
unencumbered balance
$0
Less: Self-supporting debt
($1,233,528)
Excess Collections last year
($0)
Total to be paid from taxes in FY 2024
$56,788,391
Amount added in anticipation that the City
will collect only 97.69% of its taxes in FY 2024
$1,342,831
Total Debt Levy
$58,131,222
In addition to the ad valorem tax levy for debt service totaling $58,131,222 the balance of
this debt, if any, incurred by the City of Corpus Christi shall be funded from sources other
than ad valorem taxes.
SECTION 4. All taxes for the tax year 2023 hereby levied shall be due on receipt of the
tax bill and shall be delinquent if not paid before February 1, 2024, except as otherwise
provided in the Texas Property Tax Code; and penalty and interest shall be due on any
delinquent taxes as provided by Chapter 33 of the Property Tax Code. No discount shall
be allowed for early payment of taxes. The Texas Constitution, Property Tax Code, and
other applicable laws shall govern all matters related to the taxes levied herein, and the
City shall have all authority thereunder.
SECTION 5. City staff, acting through the City Manager, are directed to notify the tax
assessor ("Assessor") of the tax rate for the tax year 2023 adopted pursuant to this
ordinance, which rate the Assessor shall use in calculating the tax imposed on each
parcel of property included on the City's appraisal roll, which tax amounts the Assessor
shall enter in the appraisal roll and submit to the City for approval, all in accordance with
Section 26.09 of the Texas Property Tax Code. Pursuant to this clause, the appraisal roll
with amounts so calculated, entered, and submitted to the City is hereby approved and
constitutes the City's tax roll.
Page 3 of 4
SECTION 6. If, for any reason, any section, paragraph, subdivision, clause, phrase, word
or provision of this ordinance shall be held invalid or unconstitutional by final judgment of
a court of competent jurisdiction, it shall not affect any other section, paragraph,
subdivision, clause, phrase, word or provision of this ordinance, for it is the definite intent
of this City Council that every section, paragraph, subdivision, clause, phrase, word or
provision of this ordinance be given full force and effect for its purpose.
The foregoing ordinance was red for the first time and passed to its second reading on
this the day of ✓''(1 , 2023, by the following vote:
Paulette Guajardo
Roland Barrera
Sylvia Campos
Gil Hernandez
Michael Hunter
MO
Jim Klein
Mike Pusley
Everett Roy
Dan Suckley
The foregoing ordinance was read for the second time and passed finally on this the
day of\ , 2023, by the following vote:
Paulette Guajardo Jim Klein
AA
'�
Roland Barrera D Mike Pusley
Sylvia Campos Everett Roy Al,g____
Gil Hernandez I`VO Dan Suckley
Michael Hunter \-
PASSED AND APPROVED on this the 5 day of Q)-�reNW , 2023.
ATTEST:
Y OF CORPUS CHRISTI
Rebecca Huerta Paulette Guajardo
City Secretary Mayor
033153 '1
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