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2012 Property Tax Rates in City of Penitas

This notice concerns the 2012 property tax rates for City of Penitas. 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                                                                        $514,149

   Last year's debt taxes                                                                                   $0

   Last year's total taxes                                                                                          $514,149                                   

   Last year's tax base                                                                                          $141,834,207                                   

   Last year's total tax rate                                                                        $0.3625/$100

 

This year's effective tax rate:

     Last year's adjusted taxes                                                                        

   (after subtracting taxes on lost property)                                     $484,834

   ÷ This year's adjusted tax base

   (after subtracting value of new property)                                     $142,035,555                 

   =This year's effective tax rate                                                                         $0.3413/$100

(Maximum rate unless unit publishes notices and holds hearings.)

 

This year's rollback tax rate:

     Last year's adjusted operating taxes                                                      $484,834

   (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                                                       $142,035,555

   =This year's effective operating rate                                                       $0.3413/$100

   x 1.08=this year's maximum operating rate                                    $0.3686/$100

   + This year's debt rate                                                                         $0.0934/$100

   = This year's total rollback rate                                                      $0.4620/$100

  

Statement of Increase/Decrease

If City of Penitas adopts a 2012 tax rate equal to the effective tax rate of $0.3413 per $100 of value, taxes would decrease compared to 2011 taxes by $-13,305.

 

                  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

General Fund                                                                        35,000

                                                                                                           

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

CO Series 2010                                                           0                                    51,150                                                      0                                    51,150

CO Series 2010 A                                           0                                    72,225                                                      0                                    72,225  

CO Series 2010 B                                           0                                    13,800                                                      0                                    13,800

                 

Total required for 2012 debt service                                                                 $137,175                 

- 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                                                      $137,175

+ Amount added in anticipation that the unit will

collect only 100.00% of its taxes in 2012                                               $0

= Total debt levy                                                                                          $137,175

 

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: 08/22/2012

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