Page 378 - Watauga FY21 Budget

Form 50-212
Notice About 2020 Tax Rates

Property Tax Rates in City of Watauga

This notice concerns the 2020 property tax rates for City of Watauga.

This notice provides information about two tax rates used in adopting the current tax year’s tax rate. The no-new-revenue tax rate would Impose the same
amount of taxes as last year if you compare properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax rate a taxing unit
can adopt without holding an election. In each case, these rates are calculated by dividing the total amount of taxes by the current taxable value with
adjustments as required by state law. The rates are given per $100 of property value.
This year’s no-new-revenue tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $0 .571188/$100

This year’s voter-approval tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.612459/$100

To see the full calculations, please visit www.cityofwatauga.org for a copy of the Tax Rate Calculation Worksheet under Property Taxes section.

Unencumbered Fund Balances
The following estimated balances will be left in the taxing unit’s accounts at the end of the fiscal year. These balances are not encumbered by corresponding
debt obligation.

Type of Fund Balance

General Fund $4,644,292
General Obligation Debt Service $ 721,570

Current Year Debt Service

The following amounts are for long-term debts that are secured by property taxes. These amounts will be paid from upcoming property tax revenues (or
additional sales tax revenues, if applicable).

Principal or
Contract Payment Interest
to be Paid From to be Paid From Other Amounts Total
Description of Debt Property Taxes Property Taxes to be Paid Payment
2007 Certificates of Obligation $200,000 $61,239 $ $261,239

2011 Certificates of Obligation $455,000 $27,075 $ $482,075
2013 Certificates of Obligation $200,000 $10,913 $ $210,913
2014 Certificates of Obligation $515,000 $72,669 $ $587,669

2016 Certificates of Obligation $245,000 $114,869 $ $359,869

2018 Certificates of Obligation $ 480,000 $224,590 $704,590
2019 Certificates of Obligation $50,000 $ 13,950 $ $ 63,950

2020 Tax Notes $75,000 $ 22,138 $ $ 97,138
2020 Certificates of Obligation $115,000 $ 73,563 $ $ 188,563

Form developed by: Texas Comptroller of Public Accounts, Property Tax Assistance Division For additional copies, visit:
comptroller.texas.gov/taxes/property-tax

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50-212 • 07-20/17