Page 16 - Microsoft Word - FY 2020 Adopted Budget Document

Budget In Brief

PROPERTY TAXES $118.8 MILLION, 44.1% OF GENERAL FUND REVENUES
The largest single revenue source for the General Fund is the Property Tax. In FY 2020, this revenue represents 44.1% of
General Fund revenues, up from 42.3% in FY 2019. The total assessed value of taxable property in the City is $29.07 billion.

Growth in assessed property values this year is sufficiently favorable to allow for an adopted FY 2020 tax rate of $0.6240 per
$100 of assessed value, which is 1.08 cents lower than the FY 2019 rate. The General Fund’s portion of the new property tax
rate is 44.67 cents per $100 of assessed value, which represents 71.6% of the total tax rate. As the chart below indicates, the
allocation of the property tax rate between Debt Service and the General Fund shifts in FY 2020, with the General Fund’s portion
increasing by 0.39 cents and the Debt Service portion decreasing by 1.47 cents. Overall, the property tax base grew by 12.9%,
the fourth consecutive year of growth over 9%. This increase is largely due to strong growth in the housing and commercial
sectors, with other taxable properties relatively stable. General Fund property tax revenues from this growth are anticipated to
increase in FY 2020 by approximately $12.7 million from the FY 2019 estimates.

Increase
FY 2019 FY 2020 (Decrease)
General Fund Tax Rate 44.28 44.67 0.39
Debt Service Tax Rate 19.20 17.73 (1.47)

Total Property Tax Rate 63.48 62.40 (1.08)

The 12.9% growth in the property tax base results in a value increase of $3.32 billion from the certified roll received in July of
last year, as reflected below
Certified Roll, July 2018 $ 25,753,273,388

Increase in property values 3,319,789,968

Certified Roll, July 2019 $ 29,073,063,356

2020 Adopted Budget and Business Plan 3 City of Arlington, Texas