Page 113 - Hurst FY20 Approved Budget

CITY OF HURST
COMPARISON OF TOTAL APPRAISED VALUE, TAX RATE
AND LEVY FOR TAX YEARS 2000-2019

LEVY
TAX TOTAL APPRAISED TAX RATE
AFTER
YEAR VALUE PER $100
EXEMPTION

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 0.58 18,002,284
2019 3,998,529,600 0.597 20,394,882

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.

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 was approved by
voters to construct a new Justice Center. For the 2014 tax year, total appraised values increased
$100,465,540 over the previous tax year. Due to the growth in property values, the City approved a tax rate
decrease of approximately a quarter cent, which put the tax rate at the same level as 1992. Values fell by less
than 1% in tax year 2015, and the adopted tax rate was equal to the effective rate of $0.61056. In tax year
2016, values increased 9.86% and the Council lowered the tax rate to $0.5879. In tax year 2017, values
increased 8.28% and resulted in the another decrease in the tax rate to $0.58094. In tax year 2018, values
increased 7.77% and resulted in a slight tax rate decrease to $.58. For tax year 2019, values increased 8.97%.
This resulted in a tax rate of $.597299, which is equal to the rollback rate. This increased value will be used to
cover the GO's approved by the voters for the new Animal Control Center.

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