City Council Agenda 08-18-16
2016-2017 Proposed Budget
Public Hearing #1 for the 2016 Ad Valorem Tax Rate Summary
The Texs Property Tax Code requires that if an entity wishes to increase tax revenues over the effective tax rate, then that entity must call and hold two public hearings on the proposed tax rate. Following each public hearing the City Council must announce the meeting, date, time, and place to adopt the tax rate.
The tax rate that the Newark City Council announced it would hold a public hearing on is $0.6291 (Maintenance and Operations - $0.5175 and Interest and Sinking - $0.1115) per $100 assessed valuation. This tax rate will generate an additional $9,827 in taxes. Holding the public hearing on this tax rate provides the City Council with flexibility in determining what the tax rate will be. The City Council is in the process of reviewing the proposed budget.
The second public hearing on the tax rate is scheduled for Thursday, September 1, 2016, at 6:00 p.m. in the Newark Community Center, 209 Hudson Street, Newark, TX 76071.
The City Council will vote on the tax rate on Thursday, September 15, 2016 at 7:00 p.m. in the Newark Community Center, 209 Hudson Street, Newark, TX 76071.