Page 102 - City of Westlake FY20 Budget

Section 2 Financial Analysis

Property Tax Overview

The ad valorem tax rate per $100 FY 18/19 FY19/20

of assessed valuation Adopted Proposed Change

is proposed to increase Tax Rate Tax Rate Amount
from $0.15600 to $0.16018. M&O $ 0.13201 $0.11453 $ (0.01748)
I&S $ 0.02399 $0.04565 $ 0.021660
an increase of $0.00418

$ 0.15600 $0.16018 $0.00418
The tax rate of $0.16018 is split between General Fund operations and debt service.
The allocation for general operations is $0.11453 and totals $1.63M.
The allocation for debt service is $0.04565 and the debt obligation secured by property taxes is $709K
• 2011 CO payment for street projects of $119K
• 2013 GO Refunding payment of $171K for Arts & Science Center construction.
• 2013 CO payment for the Westlake Academy construction expansion of $417K

This budget will raise more
revenue from property taxes
than last year’s adopted
budget by an amount of
$430,534, which is a 23.02
percent increase from last
year's budget.

The property tax revenue to be
raised from new property
added to the tax roll this year
is $259,232.

As can be seen by the chart below, Westlake’s ad valorem tax rate remains one of the lowest in the
immediate area as well as the state.

Based on July 2019 certified values,
the Town’s “net taxable value”

increased by $ 154,432,477 over

the prior year adjusted information

for FY 18-19

This is attributable to
• 19% residential increase
• 36% commercial increase
• 13% personal increase

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