2018 Property Tax Rates in GAINESVILLE CITY
This notice concerns 2018 property tax rates for
GAINESVILLE CITY. 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. The rates are given per $100 of property value.
Last year’s tax rate:
Last year’s operating taxes $4,791,565
Last year’s debt taxes $2,610,191
Last year’s total taxes $7,401,756
Last year’s tax base $936,338,380
Last year’s total tax rate 0.722540/$100
This year’s effective tax rate:
Last year’s adjusted taxes (after subtracting taxes on lost property) $6,765,419
+ This year’s adjusted tax base (after subtracting value of new property) $1,018,093,352
=This year’s effective tax rate 0.664518/$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) $5,494,819
+This year’s adjusted tax base $1,018,093,352
=This year’s effective operating rate 0.539716/$100
x 1.08 = this year’s maximum operating rate 0.582893/$100
+ This year’s debt rate 0.225764/$100
= This year’s rollback rate 0.808657/$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 adjustment rate 0.075445/$100
=Rollback tax rate 0.733212/$100
Statement of Increase/Decrease
If GAINESVILLE CITY adopts a 2018 tax rate equal to the effective tax rate of 0.664518 per $100 of value, taxes would increase compared to 2017 taxes by $107,236.
Schedule B: 2018 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).
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 $ 781,074 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.
This notice contains a summary of actual effective and rollback tax rates’ calculations. You can inspect a copy of the full calculations at 201 N Dixon, Gainesville, TX 76240.
Name of person preparing this notice: Doug Smithson Title: Chief Appraiser Date prepared: July 20, 2018