Property Tax Rates in City of Victoria
This notice concerns the 2020 property tax rates for City of Victoria. This notice provides information about two tax rates. The no-new-revenue tax rate would impose the same amount of taxes as last year if you compare properties taxed in both years. The voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with adjustments as required by state law. The rates are given per $100 of property value.
This year’s no-new-revenue tax rate: $0.6122
This year’s voter-approval tax rate: $0.6208
To see the full calculations, please visit www.vctx.org for a copy of the Tax Rate Calculation Worksheets.
Unencumbered Fund Balances
The following estimated balances will be left in the taxing unit’s accounts at the end of the fiscal year. These balances are not encumbered by corresponding debt obligation.
|Type of Fund||Balance|
|General Fund Balance||17,784,769|
|Special Revenue Fund Balance||4,357,025|
|Debt Service Fund Balance||1,136,663|
|Capital Construction Fund Balance||5,729,534|
|Enterprise Fund Balances||22,611,435|
|Internal Services Fund Balances||3,829,873|
Current Year 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 upcoming property tax revenues (or additional sales tax revenues, if applicable).
|Description of Debt||Principal or Contract Payment to be Paid from Property Taxes||Interest to be Paid from Property Taxes||Other Amounts to be Paid||Total Payment|
|Refunding General Obligation Bonds Series 2010||1,155,000||145,400||917||1,301,317|
|Refunding General Obligation Bonds Series 2012||375,000||24,238||917||400,155|
|Certificate of Obligation Bonds Series 2012||175,000||86,626||917||262,543|
|Refunding General Obligation Bonds Series 2013A||890,000||167,250||917||1,058,167|
|Refunding General Obligation Bonds Series 2013B||1,165,000||109,500||917||1,275,417|
|Certificate of Obligation Bonds Series 2013||390,000||30,736||917||421,653|
|Certificate of Obligation Bonds Series 2014||255,000||156,688||917||412,605|
|Refunding General Obligation Bonds Series 2015||1,225,000||333,050||917||1,558,967|
|Certificates of Obligation Bonds Series 2015||100,000||73,776||916||174,692|
|Refunding General Obligation Bonds Series 2017||1,385,000||856,000||916||2,241,916|
|Certificate of Obligation Bonds Series 2019||75,000||57,376||916||133,292|
|Refunding General Obligation Bonds Series 2019||0||227,600||916||228,516|
|Total required for 2020 debt service||9,469,240|
|Amount (if any) paid from funds listed in unencumbered funds||0|
|Amount (if any) paid from other resources||0|
|Excess collections last year||192,513|
|Total to be paid from taxes in 2020||9,276,727|
|collect only 101.00% of its taxes in 2020||-91,849|
|Total debt levy||9,184,878|
This notice contains a summary of the no-new-revenue and voter-approval calculations as certified by Rena Scherer PCC, Victoria County Tax Assessor Collector on August 3, 2020.