Minutes 04/10/2007 - Laserfiche WebLink

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April 10, 2007 07 - 171 - Adoption of an ordinance establishing a personal property tax relief percentage of 52% for calendar year 2007 personal property tax bills. Vision Principle: A Robust and Prospering Economy. Background: . The Personal Property Tax Relief Act adopted by the state for tax years commencing in 2006 was incorporated into City Code Section 35-9 (b) - Method of Computing and Reflecting Tax Relief. . The City has an annual requirement for establishing the personal property tax relief percentage for qualifying motor vehicles as part of the City's calendar year personal property tax billing process. Discussion: . The City Treasurer, Commissioner of the Revenue, Information Technology and Finance offices have worked collaboratively as a team to develop and refine a personal property tax cap model that measures the relevant factors impacting tax relief and the adequacy of the resulting personal property tax relief percentage being established and applied to personal property tax bills each calendar year. . The City has determined that the adequate personal property tax relief percentage to be applied to calendar year 2007 personal property tax bills should be increased from 50% to 52%. Financial Impact: . No financial impact to the City. Recommended Action: Adoption of proposed ordinance. Vision Principle: A Robust and Prospering Economy. Next Steps Following Council Action: . The CFO and City Treasurer will ensure compliance with the ordinance, which is effective upon adoption. Motion by Mr. Heretick, and seconded by Mr. D. Smith, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE ESTABLISHING A PERSONAL PROPERTY TAX RELIEF PERCENTAGE OF 52% FOR CALENDAR YEAR 2007 PERSONAL PROPERTY TAX BILLS." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, Holley Nays: None - New Business - 07 - 172 - Boards and Commissions There were no appointments. "Y Ms. Randall commended the Staff and participants for taking part in the Boards and Commissions Retreat. 07 - 173 - Items Submitted by Council Members "Y Ms. Psimas reminded citizens of the NEAT Summit, April 28, 2007, 8:00 a.m. - 3:00 p.m. at Pinecrest Baptist Church. "Y Mr. Moody asked that staff come up with a plan to provide Council with direction on the definition of what a "raised bar" looks like for the City.