2012 Property Tax Rates in City of Palmview
This notice concerns the 2012 property tax rates for City of Palmview. It presents information about three tax rates. Last year's tax rate is the actual tax 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 start 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 $751,411
Last year's debt taxes $131,473
Last year's total taxes $882,884
Last year's tax base $191,931,304
Last year's total tax rate $0.4600/$100
This year's effective tax rate:
Last year's adjusted taxes
(after subtracting taxes on lost property) $878,738
÷ This year's adjusted tax base
(after subtracting value of new property) $188,344,303
=This year's effective tax rate $0.4665/$100
(Maximum rate unless unit publishes notices and holds hearings.)
This year's rollback tax rate:
Last year's adjusted operating taxes $748,338
(after subtracting taxes on lost property and adjusting for any
transferred function, tax increment financing, state criminal justice
mandate, and/or enhanced indigent healthcare expenditures)
÷ This year's adjusted tax base $188,344,303
=This year's effective operating rate $0.3973/$100
x 1.08=this year's maximum operating rate $0.4290/$100
+ This year's debt rate $0.0653/$100
= This year's total rollback rate $0.4943/$100
Statement of Increase/Decrease
If City of Palmview adopts a 2012 tax rate equal to the effective tax rate of $0.4665 per $100 of value, taxes would decrease compared to 2011 taxes by $11,511.
Schedule A - Unencumbered Fund Balance
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 Fund Balance
Schedule B - 2012 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 Interest to be Other Amounts Total Payment Payment to be Paid Paid from to be Paid
from Property Taxes Property Taxes
Bank Loan #96217 30,910 94,462 0 125,372
Total required for 2012 debt service $125,372
- Amount (if any) paid from Schedule A $0
- Amount (if any) paid from other resources $0
- Excess collections last year $0
= Total to be paid from taxes in 2012 $125,372
+ Amount added in anticipation that the unit will
collect only 100.00% of its taxes in 2012 $0
= Total debt levy $125,372
This notice contains a summary of actual effective and rollback tax rates' calculations. You can inspect a copy of the full calculations at 2804 South Business HWY 281, Edinburg TX 78539.
Name of person preparing this notice: Armando Barrera Jr.
Title: Hidalgo County Tax Assessor/Collector
Date Prepared: 08/23/2012