SUBJECT:
Action regarding Ad Valorem Tax Collection Contract with Tarrant County for Tax Years 2022 through 2024.
BACKGROUND/DISCUSSION:
The City has contracted with Tarrant County for the collection of ad valorem taxes for many years. The use of Tarrant County for city, school, county, and special districts tax collection provides an economy of scale and ultimate savings to our customers. The proposed contract is for tax years 2022 through 2024, which are fiscal years 20222/2023, 2023/2024, and 2024/2025. The collection rate in the proposed contract is $.98 per account (the same rate charged per account since 2017). State law requires the county to charge the actual cost for tax collection. Tarrant County handles all services related to billing and collecting our taxes.
FINANCIAL IMPACT:
The financial impact will be $.98 per account. The number of accounts estimated for 2022 is 10,938 for an estimated cost of $10,719.
RECOMMENDATION:
Staff recommends approval of the ad valorem tax collection contract with Tarrant County for tax years 2022, 2023, and 2024. |