Page 48 - City of Lake Worth Ord 1220 FY22 Adopted Budget
P. 48
SECTION 7: Voter -Approval Tax Rate Adjustment for Emergency Revenue Rate
In the tax year after the end of the disaster calculation time period detailed in Tax Code Section 26.042(a), a taxing unit that calculated its
voter -approval tax rate in the manner provided for a special taxing unit due to a disaster must calculate its emergency revenue rate and
reduce its voter -approval tax rate for that year.46
Similarly, if a taxing unit adopted a tax rate that exceeded its voter_approval tax rate, calculated normally, without holding an election to
respond to a disaster, as allowed by Tax Code Section 26.042(d), in the prior year, it must also reduce its voter -approval tax rate for the
current tax year47.
NOTE: This section will not apply to any taxing units in 2021. It is added to implement Senate Bill 1438 (87th Regular Session) and
does not apply to a taxing unit that calculated its voter -approval tax rate in the manner provided for a special taxing unit due to a declared
disaster in 2020, as provided for in the recently repealed Tax Code Sections 26.04(c-1) and 26.041(c-1).
In future tax years, this section will apply to a taxing unit other than a special taxing unit that:
directed the designated officer or employee to calculate the voter -approval tax rate of the taxing unit in the manner provided for a
special taxing unit in the prior year, and
the current year is the first tax year in which the total taxable value of property taxable by the taxing unit as shown on the appraisal
roll for the taxing unit submitted by the assessor for the taxing unit to the governing body exceeds the total taxable value of
property taxable by the taxing unit on January 1 of the tax year in which the disaster occurred or the disaster occurred four years
ago.
In future tax years, this section will also apply to a taxing unit in a disaster area that adopted a tax rate greater than its voter -approval tax
rate without holding an election in the prior year.
Note: This section does not apply if a taxing unit is continuing to calculate its voter -approval tax rate in the manner provided for a special
taxing unit because it is still within the disaster calculation time period detailed in Tax Code Section 26.042(a) because it has not met the
conditions in Tax Code Section 26.042( a)( 1) or (2).
Emergency Revenue Rate Worksheet Amount/Rate
73. 2020 adopted tax rate. Enter the rate in Line 4 of the No -New -Revenue Tax Rate
N/A
Worksheet.
74. Adjusted 2020 voter -approval tax rate. Use the taxing unit's Tax Rate Calculation
Worksheets from the prior year(s) to complete this line.
If a disaster occurred in 2020 and the taxing unit calculated its 2020 voter -approval tax rate
using a multiplier of 1.08 on Disaster Line 41( D41) of the 2020 worksheet due to a disaster,
enter the 2020 voter -approval tax rate as calculated using a multiplier of 1.035 from Line 49.
or -
If a disaster occurred prior to 2020 for which the taxing unit continued to calculate its voter -
approval tax rate using a multiplier of 1.08 on Disaster Line 41( D41) in 2020, complete the
N/A
separate Adjusted VoterApproval Tax Rate for Taxing Units in Disaster Area Calculation
Worksheet to recalculate the voter -approval tax rate the taxing unit would have calculated in
2020 if it had generated revenue based on an adopted tax rate using a multiplier of 1.035 in
the year(s) following the disaster.48 Enter the final adjusted 2020 voter -approval tax rate
from the worksheet.
or -
If the taxing unit adopted a tax rate above the 2020 voter -approval tax rate without
calculating a disaster tax rate or holding an election due to a disaster, no recalculation is
necessary. Enter the voter -approval tax rate from the prior year's worksheet.
75. Increase in 2020 tax rate due to disaster. Subtract Line 74 from Line 73. N/A
76. Adjusted 2020 taxable value. Enter the amount in Line 14 of the No -New -Revenue Tax
N/A
Rate Worksheet.
77. EmergewyajowunoMultiply Line 75 by Line 76 and divide by $100. N/A
age 44 o
