By Sid Johnson
The following is provided in draft form for your consideration and comment. Please feel free to suggest additions or changes as you deem appropriate. Our intent is to circulate this proposed ordinance as a petition, ultimately to be placed on the ballot for enactment.
An ordinance to establish the maximum tax rate to be applied to real property in the City of Weatherford Texas, to define the taxable value of said property, establish Homestead Property Tax Exemption Valve, establish the fixed value for real homestead property for senior citizens and prohibit agricultural property as a tax status for taxation purpose.
Be it enacted by the City Council of the City of Weatherford Texas an ordinance;
a) To establish the maximum tax rate for real property located in the City of Weatherford as 50 cents (US) per one hundred ($100.00) of established the taxable fair market value.
b) Fair market value shall be establish for real property in the City of Weatherford
Texas through a Texas licensed real estate appraiser using the standards to establish fair market valve of the said property as if it was being use as collateral for a mortgage on said property.
c) Established taxable value, once established, shall be used for the next for the next 3 years (36 months minimum) to determine the property tax for said property.
d) Taxable value will be re-established upon sell, transfer of title of the said property as of the sale date.