HomeMy WebLinkAboutOrdinance No. 2026-2659CITY OF THE COLONY, TEXAS
ORDINANCE NO. 2026 - 2659
ADOPT TAX RATE FOR FISCAL YEAR 2027
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, LEVYING
THE AD VALOREM TAXES FOR THE FISCAL YEAR BEGINNING
OCTOBER 1, 2026, AND ENDING SEPTEMBER 30, 2027, AT A RATE OF
$0.6275 PER ONE HUNDRED DOLLARS ($100) ASSESSED VALUATION
OF ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS
OF THE CITY AS OF JANUARY 1, 2026; TO PROVIDE REVENUES
FOR THE PAYMENT OF CURRENT EXPENSES AND TO PROVIDE AN
INTEREST AND SINKING FUND ON ALL OUTSTANDING DEBTS OF
THE CITY; PROVIDING FOR DUE AND DELINQUENT DATES
TOGETHER WITH PENALTIES AND INTEREST; AND DECLARING
AN EFFECTIVE DATE.
BE IT SO ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY,
TEXAS:
SECTION 1: That there be and is hereby levied for the fiscal year 2027, on all taxable property,
real, personal and mixed, situated within the limits of the City of The Colony, Texas, and not
exempt by the Constitution of the State and valid State laws, a tax of $0.6275 on each One
Hundred Dollars ($100) assessed value of taxable property, and shall be apportioned and
distributed as follows:
(a) For the purpose of defraying the current expenses of municipal government of the
City, a maintenance and operations tax rate of $0.484531 on each One Hundred
Dollars ($100) assessed value of all taxable property.
(b) For the purpose of an interest and sinking fund to pay interest and principal on all
outstanding bonds of the City, not otherwise provided for, a debt tax rate of
$0.142969 on each One Hundred Dollars ($100) assessed value of all taxable
property, within the City, which shall be applied to the payment of such interest
and maturities of all outstanding bonds.
SECTION 2: That all ad valorem taxes shall become due and payable on October 1, 2026 and all
ad valorem taxes for the year shall become delinquent after January 31, 2027. There shall be no
discount for payment of taxes prior to January 31, 2027. If any person fails to pay the ad valorem
taxes on or before the 31St day of January 2027, the following penalties shall be payable thereon,
to -wit:
During the month of February, seven percent (7%); during the month of March, nine
percent (9%); during the month -of April, eleven percent (11%); during the month of May, thirteen
percent (13%); during the month of June, fifteen percent (15%); and on or after the 1St day of July,
eighteen percent (18%).
SECTION 3: Taxes are payable at the Denton County office of the tax collector who on behalf
of The Colony collects ad valorem taxes for The Colony. The City shall have available all rights
and remedies provided by law for enforcement of the collection of taxes levied under this
Ordinance.
SECTION 4: That the tax rolls, as presented to the City Council, together with any supplement
thereto, be, and the same are hereby approved.
SECTION 5: The fact that it is necessary that this Ordinance be enacted in order to authorize
the collection of ad valorem taxes for fiscal year 2027, this Ordinance shall take effect from and
after its passage as the law in such cases provides.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS THIS 1St DAY OF SEPTEMBER 2026.
ATTEST:
Tina Stewart, TAMC, CMC, City
APPROVED AS TO FORM:
Jeffrey L. Mo+, City Attorney
Richard Boyer, M
City of The Colo , Texas