Page 85 - Hurst Adopted FY22 Budget

APPROVED FISCAL YEAR 2022 BUDGET
tax rate & levy for years 2002 - 2021

LEVY
D
TAX T O T AL AP P R AI SE AT E
T
AX R
YEAR VALUE PER $100 AFTER
EXEMPTIONS *
2002 2,137,562,699 0.499000 8,934,778
2003 2,233,039,963 0.499000 9,423,287
2004 2,327,424,716 0.499000 9,899,828
2005 2,502,046,748 0.499000 10,618,765
2006 2,574,160,983 0.518000 11,464,527
2007 2,673,796,881 0.535000 12,332,382
2008 2,772,595,823 0.535000 12,603,087
2009 2,751,506,843 0.535000 12,407,165
2010 2,593,396,959 0.578000 12,662,645
2011 2,568,681,226 0.578000 12,571,616
2012 2,597,638,282 0.608000 13,438,215
2013 2,659,992,684 0.608000 13,824,741
2014 2,760,458,224 0.606000 14,366,498
2015 2,755,387,869 0.610560 14,438,190
2016 3,130,451,166 0.587900 15,475,137
2017 3,366,379,373 0.580940 16,668,038
2018 3,624,770,418 0.570940 18,002,284
2019 3,998,529,600 0.597299 19,003,959
2020 4,113,582,160 0.625159 20,027,061
2021 4,210,032,331 0.625159 20,703,156

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.
Appraised values increased in tax year 2012 following three successive years of declines impacted by the
Great Recession. In fiscal Year 2012-2013, the tax rate increased three cents following the issuance of
voter approved General Obligation debt in 2012 to construct a new Justice Center. Appraised values
increased by approximately $100 million in tax year 2014, which allowed the Council to cut the tax rate by
approximately a quarter of a cent and to match the tax rate from tax year 1992. Appraised values
increased steadily In tax years 2016 through 2018, which allowed the Council to cut the tax rate by
approximately three and a half cents from tax year 2014. While appraised values increased again in tax
year 2019, the Council increased the tax rate by approximately two and a half cents to offset stagnating
sales tax revenues and lost franchise fees, and to support voter approved General Obligation debt to
construct a new Animal Shelter. Although appraised values increased again in tax year 2020, the Council
raised the tax rate by approximately three cents to combat the continued uncertainty surrounding the
economic impacts of the Covid-19 pandemic and to support debt issued for a new fire engine. The Fiscal
Year 2022 budget includes a tax rate that remained the same from Fiscal Year 2021. The City Council
chose to keep the tax rate the same to ensure a successful recovery from the COVID-19 Pandemic.

*Includes Operations & Debt Property Tax Levy
85