Page 113 - Hurst FY19 Approved Budget

REVENUE DESCRIPTIONS, EVALUATIONS AND

PROJECTIONS

TAXES

The revenues from taxes are classified as General Property Taxes, Consumer Taxes and
Franchise Taxes in the General Fund operating budget. These charges are levied to
provide for general municipal services and benefits to the citizens.

General Property Taxes are assessed on real and personal property as of January 1 each
year. The $0.471551 tax rate for the General Fund is 81.30% of the total tax rate of $0.58
per $100 valuation and is set by the City Council. This tax is established by ordinances
and comprises 37% of the 2018-2019 General Fund revenues. Property tax collections
are projected to increase by 8.77% from the previous year’s budget. The approved tax
rate for 2018-2019 was decreased $0.00094 from $0.58094 to $0.58 as compared to the
prior year. Private developers continue to make substantial investment in areas where
the City has done the same. The budget includes a property tax collection rate of 98.5%,
which is equal to the previous year.

APPRAISED PROPERTY VALUATION

Billions of Dollars

$4B

3.4 3.6
$3B
3.1
2.77 2.77 2.76
2.75
2.59 2.57 2.6 2.66
$2B

$1B

2008 2009 2010 2011 2012 2013 2013 2013 2013 2013 2013
Tax Year

96