Page 72 - Manfield FY21 Budget

General Fund Revenue Composition
2020-2021 Budget

Permits Transfers
Fines & Fees 3% 3% Other
4%
3%
Franchise Tax
10%

Sales Tax
19% Property Tax
58%

Property Tax Revenue

Property tax accounts for approximately 58% of all revenue in the General Fund. Property tax revenue is
budgeted at $41,077,151 in FY 2020-2021, an increase of 3.71% or $1,470,105 over the FY 2019-2020
budget. The increase in property tax is from an increase in existing and new property valuations as well as
new growth. It reflects a 10% homestead exemption for residential homeowners as well as a 2 cent tax
rate reduction for all properties, residential and commercial. New construction activity in FY 2020-2021
is anticipated to increase as economic conditions improve and commercial and retail developments
increase. Property tax estimates are based on the valuation of real and personal property within the City of
Mansfield. In 2020, the average taxable value of a residential home actually decreased approximately 7%
due to the homestead exemption. New construction in 2020 was approximately $264,001,403.

Average Taxable Property Value

15%

10%
5%

0%
-5%

-10% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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