Page 44 - City of Lake Worth Ord 1220 FY22 Adopted Budget

J 3: NNR Tax Rate and Voter -Approval Tax Rate Adjustments for Additional Sales Tax to Reduce

Taxes

counties and hospital districts may levy a sales tax specifically to reduce property taxes. Local voters by election must approve

ng or abolishing the additional sales tax. If approved, the taxing unit must reduce its NNR and voter -approval tax rates to offset the

d sales tax revenue,

s section should only be completed by a county, city or hospital district that is required to adjust its NNR tax rate and/or voter -approval

rate because it adopted the additional sales tax.

Sales and Use Tax Worksheet

51. Taxable Sales. For taxing units that adopted the sales tax in November 2020 or May

20
2021, enter the Comptroller's estimate of taxable sales for the previous four quarters. m

Estimates of taxable sales may be obtained through the Comptroller's Allocation Historical

Summary webpage. Taxing units that adopted the sales tax before November 2020, enter 0.

52. Estimated sales tax revenue. Counties exclude any amount that is or will be spent for

33
economic development grants from the amount of estimated sales tax revenue,

g units that adopted the sales tax in November 2020 or in May 2021. Multiply the

it on Line 51 by the sales tax rate (.01, .005 or .0025, as applicable) and multiply the

by .95.34

or -

units that adopted the sales tax before November 2020. Enter the sales tax

for the previous four quarters. Do not multiply by .95.

53. 2021 total taxable value. Enter the amount from Line 21 of the No -New -Revenue Tax

560,3

Rate Worksheet.

54. Sales tax adjustment rate. Divide Line 52 by Line 53 and multiply by $100. 0. 000000/$ 100

55. 2021 NNR tax rate, unadjusted for sales tax.35 Enter the rate from Line 26 or 27, as

0.458548/$ 100

annlicable, on the No -New -Revenue Tax Rate Worksheet.

56. 2021 NNR tax rate, adjusted for sales tax.

Taxing units that adopted the sales tax in November 2020 or in May 2021.

Subtract Line 54 from Line 55. Skip to Line 57 if you adopted the additional sales tax before

November 2020.

57. 2021 voter -approval tax rate, unadjusted for sales tax.36 Enter the rate from Line 49,

Line D49 (disaster), or Line 50 ( counties), as applicable, of the VoterApproval Tax Rate 0.460662/$ 100

Worksheet.

I58. 2021 voter -approval tax rate, adjusted for sales tax. Subtract Line 54 from Line 57 0.460662/$ 1

31Reserved for expansion 34Tex. Tax Cade Section 26.041(d)

32Tex. Tax Code Section 26.041(d) 35Tex. Tax Code Section 26.04(c)

33Tex. Tax Code Section 26.041(1) 36Tex. Tax Code Section 26.04(c)

Ordinance No. 1220

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