Page 101 - Hurst Budget FY21

The information included to the right shows the net
growth of revenues generated from property taxes Millions of AD VALOREM TAX REVENUE
Dollars
from fiscal year 2011 through 2021 for both the 22.00
General Fund and Debt Service Fund. During this 19.13 20.2
time, tax revenue increased due mainly to the growth
of the City’s commercial properties. In fiscal year 17.00 16.23 17.03
2011, the levy was about $12.52 million including 15.00
exemptions granted by the City Council. The City 13.25 13.46 13.83 14.00
offers a 20% homestead exemption and a senior 12.5212.43
citizen and disabled citizen exemption equal to 12.00
$35,000 per eligible household. Council also
approved a senior and disabled person tax freeze in
fiscal year 2003-2004. In Fiscal Year 2019-2020, 7.00
the adopted tax rate is $0.597299 which is slightly
higher than the previous year rate. For Fiscal Year
2020-2021 the proposed rate is 0.625159 which is
above the no-new-revenue rate and equal the voter- 2.00
approval rate. All tax rate adjustments must be
considered and approved by City Council. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
-3.00
YEARS
Actual Proj. Budget

Source of Ad Valorem Taxes Residential properties provide the majority of tax
revenue for the City. Personal, mineral, and real
properties associated with commercial, industrial, and
agricultural entities provide the remainder of the ad
valorem tax revenue. The appraised values for each
category are listed as follows:
Residental
55%

2020 Property Category Appraised Value

Residential $2,466,202,672

Commercial 1,615,173,827

Industrial,
Agricultural & Mineral Lease 21,684,093
Commercial
36% Industrial/Agriculture Business Personal
1% Property Business 344,506,053
8% Personal Property

Total Property Value $4,447,566,645
(Before protests and exemptions)
SOURCE: TAD JULY 2020 CERTIFIED TAX ROLL

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