Page 114 - Hurst FY19 Approved Budget

Each year the tax rate, as Approved by the City Council, is largely dependent upon
revaluation by the Tarrant Appraisal District to reflect current market values. For tax years
2008 to 2018, a cumulative increase in property values of approximately $890 million or
$89 million per year was recorded. Tax year 2018 had an increase of approximately $507
million. This net increase includes $7.4 million in new properties along with $499.60
million in higher residential and commercial property values.

All tax information relative to budgetary decisions is not available until July 25th of each
year when the certified tax roll is received from the Chief Appraiser. At that time, other
revenue sources and expenditure priorities are considered in preparing a tax rate for the
new budget year.

Consumer Taxes are collected by the State from the sale of goods and services. The
General Fund receives the following portions of these taxes from the State: Sales Tax -
1% of each dollar taxed within the City, and Mixed Beverage Tax - 1.5% (or 10.7143% of
the State’s 14%) of each dollar taxed within the City. Sales tax revenues are the second
largest source 24% of General Fund revenues and have been significantly affected by
aggressive retail development during the last decade. The North East Mall and Shops at
North East Mall are the primary retail centers within the City.

Traffic counts have grown from 176,000 cars per day to 230,000 since Hurst’s most
significant highway that connects Dallas and Ft Worth was expanded. The expansion
of Highway 183/121 completed in October of 2014 and the resulting redevelopment
of Hurst’s highest trafficked intersection of Precinct Line Road and the Highway, also
known as the 50-yard line, created one of the City’s most exciting redevelopment
opportunities ever. To date, sixteen new restaurants have been established at this
prominent intersection. Five were added in 2017-18 including Taco Cabana, Jack in the
Box, Corner Bakery, Tropical Smoothie Café, Guanataco. Others located there include
Dairy Queen, Slim Chickens, Golden Chick, Pei Wei, Potbelly Sandwich Shop, In N Out
Burger, Subway, Starbucks Coffee House, Outback Steakhouse Restaurant, and Abuelo’s.

For fiscal year 2015-2016, 132 new businesses opened in Hurst over a 12-month period
occupying 390,000 square feet and driving occupancy to a high of 94.5%. One of the
city’s largest redevelopments in its history was completed on 10 acres of land at Precinct
Line Road and Pipeline Road which transformed dilapidated empty buildings into the
new 90,000 square feet of Shops at Hurst Shopping Center anchored by a much needed
Walmart Neighborhood Market as well as an additional 50,000 square feet of other new
stores like Advance Auto Parts, Dollar Tree and Pizza Hut. Nine new restaurants added
to the 130 already in the City that year including our 4th Chick-fil-A, Taco Casa, the Big
Crabs, Mi Familia Taqueria, Grain & Dairy, Burritos Locos 2, Slim Chickens, Adobo Puerto
Rican and Honey Love Cakery were added that year.

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