Page 99 - Hurst Budget FY21

CITY OF HURST
COMPARISON OF TOTAL APPRAISED VALUE, LESS ABSOLUTE
EXEMPTIONS, TAX RATE
AND LEVY FOR TAX YEARS 2001-2020

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

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
2020 4,113,582,160 0.625 21,753,362

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.
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 $0.58. For tax year 2019, values increased 8.97%. This resulted in a tax rate of
$0.597299, which is equal to the rollback rate. The increased value was used to support the GO's
approved by the voters for the new Animal Control Center. In tax year 2020, taxable value increased
slightly by just over 1%. Economic pressures on sales tax revenue resulting from the COVID-19
pandemic caused the Council to increase the tax rate to $0.625159. The increased tax revenue will
offset losses in sales tax and support the debt service requirements for a PPFCO issued for a new fire
engine.

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