[This transcript was generated automatically from audio using AI and hasn't been reviewed by a person -- it can contain mistakes, including plausible-sounding sentences that were never actually said. Treat it as a starting point, not a verbatim record.]

[0:01] Good morning, ladies and gentlemen. What a beautiful Tuesday it is at 9.30, July 31st. We appreciate you all being here today. Really good. Thank you for coming.
[0:12] We're going to move into meeting here as soon as the secretary calls, roll.
[0:17] Mayor Mielder. Mayor.
[0:19] Chair.
[0:20] Councilman Gibson.
[0:22] Councilman Porter.
[0:23] Councilman Snyder.
[0:25] Councilor Gentry.
[0:26] You have a corner.
[0:27] Do I have a motion to adjourn?
[0:30] Okay.
[0:31] We're going to move in item number one.
[0:33] Submission of the 2012 effective and rollback tax rate.
[0:37] Mr. Williams, I think.
[0:39] This is your show today.
[0:41] Thank you, Mayor.
[0:42] You have all in the finance department.
[0:43] The good news is we're going to shoot for a record for the shortest
[0:46] Council meeting but all right the reason why we're here today is because we have to comply with truth and taxation laws and there are certain timelines and limitations that we have to meet
[0:55] So that's why we're calling you here on this fine morning
[1:00] For this special meeting, but the first one is the submission of the effective in rollback tax rates and I'll direct you to the memo you can see in there that
[1:09] are a assessor collector which is J.R. Moore is required to calculate an effective tax rate and a
[1:15] rollback tax rate. And the effective tax rate, even though it can be a little bit more complicated than the way I'm about to state it,
[1:23] it's generally equal to the prior year taxes divided by the current taxable value of properties that were on both tax rules or for both years.
[1:33] So you're comparing last year's properties value,
[1:38] taking a set of properties from last year,
[1:42] and those values and comparing it to those same properties
[1:45] this year and those values.
[1:47] And whatever that rate calculates out to be
[1:50] between the difference in those two
[1:51] is what you call your effective tax rate.
[1:54] You can see there in the calculation
[1:57] that it's 41.7 cents or 0.417 for $100
[2:03] of such valuation and showing that relationship between last year, that basically means that
[2:10] if it was on last year's tax roll, it's pretty much the same valuation as it was last
[2:15] year. There's not a lot of movement. However, there is a requirement that if it's not,
[2:21] if we're going to propose a tax rate, which we're going to be proposing a tax rate of 42 cents,
[2:26] and if the effective tax rate is lower, all that means that triggers our responsibility
[2:31] to publish ads in the newspaper, there will be two of those, and to hold a public hearing.
[2:39] So I'll tell you really quickly about the rollback tax and rate calculation.
[2:42] That's got two components.
[2:44] It's got operations and maintenance and the interest in sinking component or dead component.
[2:49] It allows you the same amount of operating and maintenance money as last year,
[2:55] plus an 8% increase.
[2:56] Well, you can see the calculation on the next page that the rollback tax rate is 45,
[3:04] 68 per hundred assessed valuation, or no, we're both that with our proposed tax rates.
[3:10] So, we won't be falling into under any of the requirements associated with the rollback
[3:15] tax rate.
[3:17] And essentially what I'm here to do today is recommend that the Council accept submission of
[3:23] notice of effective tax rate at $41.470 per $100.6 valuation and a rollback tax rate of
[3:34] $0.456.8 per $100.6 valuation for the fiscal year beginning October 1, 2012, and
[3:42] ending September 30, 2013, as provided by Montgomery County Tax Sister Collective JRM.
[3:51] Is there a motion for approval that is stated by Mr. Weaves?
[3:55] We have a motion. Is there a second?
[3:59] Any questions or comments on this?
[4:02] All in favor say aye. All opposed.
[4:05] Motion carries. Thank you, sir.