Page 107 - NRH FY20 Approved Budget

REVENUE DESCRIPTIONS, EVALUATIONS

AND PROJECTIONS

Taxes

Revenues from taxes are classified as Property Taxes, Sales Taxes, and Franchise Fees in the General Fund
Budget. These taxes are levied to provide for general municipal services and benefits to the citizens of North
Richland Hills.

Property Taxes are assessed on real and
Net Taxable Property Values personal property as of January of each
year. A tax rate is adopted by the City
$6.5 Council prior to the beginning of the new
$6.0 fiscal year. Property tax revenues comprise 38.38% of
$5.5 2019/20 General Fund revenue sources, inclusive of
$5.0 delinquent taxes and penalties and interest.
Billions $4.5 Collections are projected to be approximately 98.5%
$4.0
of the levy. Each year, the tax rate, as approved by
$3.5
$3.0 Council, is dependent on revaluation by Tarrant
$2.5 Appraisal District to reflect current market values. Net
$2.0 Taxable Value for fiscal year 2019/20 is
$1.5 $5,957,405,879.
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

*Data depicted in chart represents tax years.

New Construction – A key component of
the increase in Net Taxable Value is new New Construction
construction and improvements to
existing structures. New construction for $120
fiscal year 2019/20 is approximately $80.83 million. $100
$80
All tax information relative to budget decisions is not
available from Tarrant Appraisal District until July 25 th Millions $60
of each year. At this time, all revenue sources and $40
expenditure priorities are considered in preparing a $20
tax rate for the new budget year.
$0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

*Data depicted in chart represents tax years.

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