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HomeMy WebLinkAboutResolution 5999-09-2024A Resolution, NO.5999-09-2024 RATIFYING THE PROPERTY TAX REVENUE INCREASE REFLECTED IN THE FISCAL YEAR 2025 BUDGET, IN ACCORDANCE WITH SECTION 1.02.007(c) OF THE TEXAS LOCAL GOVERNMENT CODE WHEREAS, pursuant to Texas Local Government Code Section 102.007(c) the adoption of a budget that will require raising more revenue from property taxes than in the previous year requires a separate vote of the governing body to ratify the increased property tax revenues reflected in the budget; and WHEREAS, the Fiscal Year 2025 budget will raise more revenue from property taxes than the previous year because, despite no increase in the actual property tax rate of $0.6725 per $100 value in Fiscal Year 2024 to $0.6725 per $100 value in Fiscal Year 2025, the revenue from the assessment of property taxes will create more revenue than last year due to new improvements placed on the tax rolls and to increases in appraised values on pre-existing improvements. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH, TEXAS: That, the City Council of Fort Worth hereby ratifies the property tax revenue increase reflected in the Fiscal Year 2025 budget. Adopted this 17th day of September, 2024. ATTEST: Jannette Goodall, City Secretary