HomeMy WebLinkAboutCP 243 CIT FO WO , TEXAS
0
COUNCIL PROPOSAL
Date:4127104 File Number: Subject: Increasing the Over 65 and Disabled Ad Valorem Tax Exemptions by$5,000 each from$40,000
to$45,000
243
Proposed By:Clyde Picht City Manager's Review: Page:
City Attorney's Review: PAGE 1 OF 2
It is proposed that the City Council adopt the attached ordinance increasing the Over 65 and Disabled Ad
Valorem Property Tax Exemptions by$5,000 from$40,000 to$45,000.
DISCUSSION:
Both exemptions are currently set at$40,000. There was discussion at the recent City Council Retreat of possibly
raising both exemptions to$50,000. Raising both exemptions by$10,000 would decrease revenue by an
estimated $1.3 million next year.
le' As a compromise solution, it is proposed that the City Council increase the exemptions by$5,000 to$45,000
each. This would have the effect of decreasing revenue an estimated$713,000 in FY2004-05.
LEGALITY:
The Law Department finds that this proposal is legal and within the authority of the City Council. To be
implemented for the FY2004-05 budget cycle,this proposal must be acted upon before May 1,2004.
FISCAL NOTE:
It is estimated that the impact to the FY2004-05 budget would be$713,000. However,this is an approximation
based on the FY2003-04 values,and could change once the City receives the property tax values for FY2004-05.
CITY MANAGER'S COMMENT:
The estimated$713,000 impact is equivalent to the entry-level salary of 18 Police Officers or Fire Fighters,or
almost three times the current$273,582 budget of the Fort Worth Day Labor Center. In a budget year that will
require that the General Fund absorb previous commitments of$3.4 million for the Police and Fire departments
alone and a projected budget gap at this time of$5.7 million,it would be difficult to absorb this additional loss.
Also of concern is the Governor's current proposal to cap property tax revenue for municipalities. At this time,it
may not be prudent to further erode the City's ability to generate revenue.
_EGALITY SECmy
El FISCAL NOTE F
❑ CITY MANAGER'S COMMENTS JI�
❑ CITY POLICIES MANUAL
CIT FO WO , TEXAS
a
COUNCIL PROPOSAL
Date:4127104 File Number: Subject: Increasing the Over 65 and Disabled Ad Valorem Tax Exemptions by$5,000 each from$40,000
243 to$45,000
Proposed By:Clyde Picht City Manager's Review: Page:
City Attorney's Review: ,, ,w PAGE 2 OF 2
Councilmember Sponsor Councilmember Sponsor
APR 27 2004
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❑ LEGALITY
❑ FISCAL NOTE
❑ CITY MANAGER'S COMMENTS
❑ CITY POLICIES MANUAL
AAW -ink
000b, ORDINANCE
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH INCREASING THE RESIDENTIAL HOMESTEAD EXEMPTION
FROM AD VALOREM TAXES FOR DISABLED PERSONS AND PERSONS
65 YEARS OF AGE OR OLDER; PROVIDING A SEVERABILITY CLAUSE;
AND DECLARING AN EFFECTIVE DATE.
WHEREAS, Article 8, Section 1-b of the Constitution of the State of Texas permits a city
to exempt by its own action not less than $3,000.00 of the market value of residence homestead
of disabled and elderly persons; and
WHEREAS, the City Council of the City of Fort Worth desires to raise the residential
Ph,
homestead exemption for disabled citizens and persons 65 years of age or older from $40,000 on
the assessed valuation of a residence to $45,000 on the assessed valuation of a residence,
pursuant to the provisions of Section 11.13 of the Property Tax Code of the State of Texas;
OASW BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
rThere is hereby exempted the sum of Forty-Five Thousand Dollars ($45,000.00) of the
market value of residence homesteads of disabled persons and persons 65 years of age or older
from all ad valorem taxes hereafter levied by the City of Fort Worth. The term "disabled" shall
have that meaning given in Section 11.13 of the Property Tax Code of the State of Texas or any
successor statute. The term "persons 65 years of age or older" shall mean persons, married or
unmarried, sixty-five (65) years of age or older, including those living alone. An eligible
disabled person who is 65 or older may not receive both a disabled and an elderly residence
homestead exemption but may choose either.
SECTION II.
Should any part, portion, section or part of a section of this ordinance be declared invalid
or inoperative or void for any reason by a court of competent jurisdiction, such decision, opinion
or judgment shall in no way affect the remaining portions, parts, sections or parts of sections of
this ordinance, which provision shall be,remain and continue to be in full force and effect.
SECTION III.
This ordinance shall take effect upon its passage and will apply to the ad valorem tax
levies commencing with the year 2004.
Assistant City Attorney
Date:
ADOPTED:
EFFECTIVE:
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