Page 377 - Watauga FY21 Budget

NOTICE OF PUBLIC HEARING ON TAX

INCREASE
A tax rate of $0.580404 per $100 valuation had been proposed by the governing body of the City of Watauga, Texas.

PROPOSED TAX RATE $0.580404 per $100
NO NEW REVENUE TAX RATE $0.571188 per $100
VOTER APPROVAL RATE $0.612459 per $100
DE MINIMIS RATE $0.616188 per $100

The no-new-revenue tax rate is the tax rate for the 2020 tax rate that will raise the same amount of property tax
revenue for the City of Watauga from the same properties in the 2019 tax year and the 2020 tax year.

The voter-approval rate is the highest tax rate that the City of Watauga may adopt without holding an election to seek
voter approval of the tax rate, unless the de minimis rate for the City of Watauga exceeds the voter-approval rate for the
City of Watauga.

The de minimis rate is the rate to the sum of the no-new-revenue maintenance and operations rate for the City of
Watauga, the rate that will raise $500,000, and the current debt rate for the City of Watauga.

The proposed tax rate is greater than the no new revenue rate. This means that the City of Watauga is proposing to
increase property taxes for the 2020 tax year.

A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 14, 2020 at 6:30 PM at Watauga City
Hall, 7105 Whitley Road, Watauga, Texas 76148.

The proposed tax rate is not greater than the voter-approval tax rate. As a result, the City is not required to hold an
election at which voters may accept or reject the proposed tax rate. However, you may express your support for or
opposition to the proposed tax rate by contacting members of the City Council of the City of Watauga at their offices or
by attending the public hearing mentioned above.

YOUR TAXES OWED UNDER ANY OF THE TAX RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:

Property tax amount = (tax rate) X (taxable value of your property)/100

The members of the governing body voted on the proposal to consider the tax increase as follows:

FOR: Tom Snyder, Place 2, Mayor Pro Tem, Lovie Downey, Place 3, Andrew Neal, Place 4, Juanita King, Place 5, Mark
Taylor, Place 6
AGAINST: none

PRESENT and not voting: Arthur Miner, Mayor ABSENT: Danielle Tucker, Place 1, Kim Irving, Place 7

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The 86 Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of
growth of property taxes in the State. The following table compares the taxes imposed on the average residence
homestead by the City of Watauga last year to the taxes proposed to be imposed on the average residence
homestead by the City of Watauga this year:

2019 2020 Change
Total tax rate (per $100 of value) $0.58050 $0.580404 Decrease of $.000096
Average homestead taxable value $152,618 $160,330 Increase of 5.05%
Tax on average homestead $885.95 $930.56 increase of $45 or 5.03%
Total tax levy on all properties(not including freeze
levy) $7,996,341 $8,109,621 Increase of $113,281 or 1.41%
For assistance with tax calculations, please contact the tax assessor for the City of Watauga at 817-514-5800 or
accounting@wataugatx.org, or visit www.cityofwatauga.org for more information.
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