Page 137 - Hurst FY19 Approved Budget

CITY OF HURST

2018-2019 APPROVED BUDGET

PROPERTY TAX REVENUE

The information included below shows the net growth of revenues generated from
property taxes from fiscal year 2009 through 2019 for both the General Fund and Debt
Service Fund. During this time, tax revenue increased due mainly to the growth of the
City’s commercial properties. In fiscal year 2009, the levy was about $12.55 million
including exemptions granted by the City Council. The City offers a 20% homestead
exemption and a senior citizen and disabled citizen exemption equal to $35,000 per
eligible household. Council also approved a senior and disabled person tax freeze in
fiscal year 2003-2004. Ad Valorem tax revenue increased in FY 2012-13 due to a tax
increase of 3.05 cents to fund a $16.5 million bond issuance to construct a new Justice
Center. Voters Approved this bond issuance in May 2012.

In fiscal year 2016-2017, the adopted property tax rate of $0.5879 was 2.3 cents lower
than the previous year’s adopted rate. For Fiscal Year 2017-2018, the adopted rate was
$0.58094 which is .07 cents lower than the previous year’s rate. For Fiscal Year 2018-
2019, the Approved rate is slightly lower at .58 and is below the rollback rate. All tax rate
adjustments must be considered and Approved by City Council.

AD VALOREM TAX REVENUE

Millions of Dollars

0.12 18M
17.03
16.67
15.12 14M
12.55 12.32 12.52 12.43 13.25 13.46 13.83 13.90

10M

6M

2M

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Actual Projected Budget

Tax Revenue Economic Development Incentives (.12M)

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