Texas Tax Code 26.041 – Tax Rate of Unit Imposing Additional Sales and Use Tax
Current as of: 2024 | Check for updates
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Terms Used In Texas Tax Code 26.041
- Property: means real and personal property. See Texas Government Code 311.005
- Taxing unit: means a county, an incorporated city or town (including a home-rule city), a school district, a special district or authority (including a junior college district, a hospital district, a district created by or pursuant to the Water Code, a mosquito control district, a fire prevention district, or a noxious weed control district), or any other political unit of this state, whether created by or pursuant to the constitution or a local, special, or general law, that is authorized to impose and is imposing ad valorem taxes on property even if the governing body of another political unit determines the tax rate for the unit or otherwise governs its affairs. See Texas Tax Code 1.04
- Year: means 12 consecutive months. See Texas Government Code 311.005
(a) In the first year in which an additional sales and use tax is required to be collected, the no-new-revenue tax rate and voter-approval tax rate for the taxing unit are calculated according to the following formulas:
NO-NEW-REVENUE TAX RATE = [(LAST YEAR’S LEVY – LOST PROPERTY LEVY) / (CURRENT TOTAL VALUE – NEW PROPERTY VALUE)] – SALES TAX GAIN RATE