Page 82 - Honorable Mayor and Members of the City Council

PROPERTY TAX REVENUE

The 2018-19 Budget ad valorem tax revenue projection of $13,584,458 reflects a net increase of $1,471,483 over the
2017-18 re-estimate of $12,112,975. This revenue projection is based on maintaining the property tax rate at the 2017-
18 rate of $0.6400 per $100 valuation. The increase in revenue results from an escalation in total assessed valuations
from 2017-18 to 2018-19 primarily from new development and from revised property values.

ASSESSED VALUATIONS

The certified tax roll received from the Tarrant Appraisal District (TAD) in July 2018 shows the total appraised value of
property in Benbrook at $2,377,391,093; TAD provided revised assessed valuation and property tax data in September
2018; however, the July 2018 totals are used for all 2018-19 budget calculations. Total exemptions (over-65,
homestead, disability, veterans, pro-rated absolute, and nominal value - below $500) for 2018-19 are $141,502,574.
Total adjustments (absolute exemptions, cases before the Appraisal Review Board, and incomplete accounts) are
$196,837,153. TAD’s minimum projected value of property under protest and/or in incomplete accounts is $49,617,849.
The total net taxable value used to project revenues for 2018-19 is $2,088,669,215. Based on the tax rate of $0.6400,
current property tax collections are projected to be $13,367,483 for both the General Fund and the Debt Service Fund
property tax revenue.

DISTRIBUTION OF PROPERTY TAX REVENUE BETWEEN GENERAL FUND AND DEBT SERVICE FUND

Property tax revenue is allocated between the General Fund and the Debt Service Fund. This allocation is determined
each fiscal year by calculating the property tax rate needed to finance each of these two funds. The 2017-18 property
tax rate for the General Fund was $0.6125 per $100 valuation; the 2018-19 property tax rate for the General Fund
decreases to $0.6075 per $100 valuation. The property tax rate for the Debt Service Fund in 2017-18 was $0.0275 per
$100 valuation; the 2018-19 tax rate for the Debt Service Fund increases t0 $0.0325 per $100 valuation. For 2017-18,
the General Fund received 95.70 percent of property tax revenue; in 2018-19 the General Fund receives 94.92 percent.
For 2017-18 the Debt Service Fund received 4.30 percent of the City’s property tax revenue; in 2018-19 the Debt Service
Fund receives 5.08 percent.

COLLECTION RATE

The City of Benbrook normally uses a collection rate of 99.00 percent in calculating the anticipated tax collections;
however, for the 2018-19 calculations, a collection rate of 100.00 percent is applied. Delinquent tax collections are
CITY OF BENBROOK 2018-19 ANNUAL BUDGET
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