Page 39 - Hurst FY20 Approved Budget

DEMOGRAPHICS AND ECONOMICS
Hurst is considered a major retail-commercial
center of the northeast Tarrant County area. North
East Mall and a number of quality shopping centers RETAIL SALES
throughout the City provide residents with a wide
variety of goods and services from which to choose. Millions of Dollars
A major expansion of North East Mall and new
development adjacent to the mall, Shops at North 21.69
East Mall, was completed approximately eleven 21.40 21.01 21.35 21M
years ago. The graph to the right displays the 21.00
impact of this major development/redevelopment
effort. Sales tax revenues grew at record pace until 20M
the Great Recession began in December 2007. The 19.98
City only budgets approximately 92% of estimated
sales tax earnings so, sales tax losses related to 19M
economic conditions are managed proactively. The
mall, which is owned by The Simon Group, is
classified as a super-regional mall, with seven major
retail anchors, and provides substantial sales tax 18M
revenues and property tax revenues to the City.
The City collects 2% of sales and use receipts from
businesses within the City. A total of $21,080,149 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 17M
was collected for fiscal year 2018-2019, a .10%
increase over collections in fiscal year 2013-2014.

RESIDENTIAL PROPERTY TAXABLE VALUE COMMERCIAL PROPERTY TAXABLE VALUE

$2.00 $2.00

$1.80
$1.70 $1.70
$1.50 $1.50
$1.50 $1.50
$1.36
$1.18 $1.19 $1.33 $1.43
$1.25 $1.25
$1.20 $1.20

2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019

Tax Year Tax Year

Of 18,469 property accounts in the City, 11,541 are residential accounts. The remaining 6,928
are from commercial accounts. Over the past five years, property values have increased by $1.2
million dollars from $2.3 billion to $3.5 billion, a 52% increase due primarily to an increase in
property values. (Amounts per Tarrant Appraisal District July 22, 2019 Certified Tax Roll.)

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