Page 89 - FY 2021-22 ADOPTED BUDGET

PROPERTY TAX REVENUE

The 2021-22 Budget ad valorem tax revenue projection of $14,977,057 reflects a net increase of $707,209 over the
2020-21 re-estimate of $14,269,848. The tax revenue projections include the levy lost to frozen taxes. This revenue

projection is based on decreasing the property tax rate from $0.6225 to $0.6175 per $100 valuation. The decrease
in the property tax rate for 2021-22 is a result of an increase in total assessed valuations from 2020-21 to 2021-22
primarily from new development and from revised property values.

ASSESSED VALUATIONS

The certified tax roll received from the Tarrant Appraisal District (TAD) in July 2021 shows the total appraised value
of property in Benbrook at $2,806,014,473; TAD provided revised assessed valuation and property tax data in
September 2021; however, the July 2021 totals are used for all 2021-22 budget calculations. Total exemptions
(over-65, homestead, disability, veterans, pro-rated absolute, and nominal value - below $500) and total
adjustments (absolute exemptions, cases before the Appraisal Review Board, and incomplete accounts) are
$367,344,781. TAD’s minimum projected value of property under protest and/or in incomplete accounts is

$84,786,237. The total net taxable value used to project revenues for 2021-22 is $2,523,455,929. Based on the tax
rate of $0.6175, current property tax collections are projected to be $14,864,707 at a 100% collection rate for both
the General Fund and the Debt Service Fund property tax revenue.

DISTRIBUTION OF PROPERTY TAX REVENUE BETWEEN GENERAL FUND AND DEBT SERVICE FUND

Property tax revenue is allocated between the General Fund and the Debt Service Fund. This allocation is
determined each fiscal year by calculating the property tax rate needed to finance each of these two funds. The
2020-21 property tax rate for the General Fund was $0.6015 per $100 valuation; the 2021-22 property tax rate for
the General Fund decreases to $0.5810 per $100 valuation. The property tax rate for the Debt Service Fund in 2020-
21 was $0.0210 per $100 valuation; the 2021-22 tax rate for the Debt Service Fund increases to $0.0365 per $100
valuation. For 2020-21, the General Fund received 96.63 percent of property tax revenue; in 2021-22 the General

Fund receives 94.09 percent. For 2020-21 the Debt Service Fund received 3.37 percent of the City’s property tax
revenue; in 2021-22 the Debt Service Fund receives 5.91 percent. This increase in the debt service rate compared
to the prior year is due to the issuance of Series 2021 General Obligation bonds for the construction of new
municipal complex.

COLLECTION RATE

The City of Benbrook uses a collection rate of 100.00 percent in calculating the anticipated tax collections.
Delinquent tax collections are based upon the total delinquent taxes outstanding as of September 30 and the City’s
historical success of collections. Penalty and interest estimates are based on the actual amount received during the
past several years.

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