Page 134 - Hurst FY19 Approved Budget

CITY OF HURST
COMPARISON OF TOTAL APPRAISED VALUE, TAX RATE
AND LEVY FOR TAX YEARS 1999-2018

TOTAL APPRAISED TAX RATE PER
TAX YEAR VALUE $100 LEVY AFTER EXEMPTION
1999 1,560,369,148 0.536 7,049,309
2000 1,736,479,898 0.511 7,510,557
2001 1,990,145,060 0.501 8,495,489
2002 2,137,562,699 0.499 8,934,778
2003 2,233,039,963 0.499 9,423,287
2004 2,327,424,716 0.499 9,899,828
2005 2,502,046,748 0.499 10,618,765
2006 2,574,160,983 0.518 11,464,527
2007 2,673,796,881 0.535 12,332,382
2008 2,772,595,823 0.535 12,603,087
2009 2,751,506,843 0.535 12,407,165
2010 2,593,396,959 0.578 12,662,645
2011 2,568,681,226 0.578 12,571,616
2012 2,597,638,282 0.608 13,438,215
2013 2,659,992,684 0.608 13,824,741
2014 2,760,458,224 0.606 14,366,498
2015 2,755,387,869 0.611 14,438,190
2016 3,130,451,166 0.588 15,475,137
2017 3,366,379,373 0.581 16,668,038
2018 3,624,770,418 0.580 18,002,284

The Property Tax Code was enacted into Law by the 66th Texas Legislature in 1979. The
basis of the Code is that all taxable properties are appraised at market value (100%) as
of January 1. Appraised values are determined by independent appraisal districts as
authorized by the State Property Tax Code. Tax year 1994 marked the end of a seven year
decline in values that was a result of a the reappraisal of values by the Tarrant Appraisal
District (TAD) every two years. During this time, tax rates increased to keep the tax levy
constant, except in tax year 1993 when the City Council decreased the tax rate by one
cent to assist in offsetting an increase of 1/2% in sales tax from 7.25% to 7.75%.

The 2008 tax year showed signs of economic downturn with a slowdown in the growth
of appraised values and appraised values actually fell in tax year 2009. Tax year 2010
resulted in an appraised value loss of $158,109,884 or 5.7% and this resulted in a 4.3 cent
increase in the tax rate. Tax year 2011 resulted in value stabilization with a decrease of
$24,715,733 (.95%) from the Total Appraised Value in Tax Year 2010. Appraisals for the
2012 tax year resulted in a value increase for the first time in four years. A tax rate
increase of $0.0304 associated with the 2012 General Obligation Bond Program

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