Page 129 - City of Watauga FY22 Adopted Budget

BUDGET-OVERVIEW

PROPERTY TAX DISTRIBUTION HISTORY

Please see Budget Ordinances and Notices section for computation of tax rates

As shown in the table below and the Assessed Value of Taxable Property Graph, City
valuations remained fairly flat from FY2012 to FY2014. Property valuations increased
from FY2015 to FY2017 cumulatively by 14%. In FY2018 and FY2019, the City
continued to experience healthy increases in property valuations of just over 9% each
year. In FY2020, values came in at 13.8% over FY2019 and FY2021 values came in at
1.5% over prior year. This year, certified values from Tarrant Appraisal District came in
at 7% over prior year. The City’s collection rates for property taxes are strong at
approximately 99% annually.

TABLE OF TRENDS IN ASSESSED VALUES, RATES, AND LEVIES
Tax
Year Assessed Value of Rate/$100 % Current
Ending Taxable Property of Current Year's Levy
Sept. 30 (Adjusted) valuation Tax Levy Taxes Collected Collected
2013 $ 959,370,713 0.591216 $ 5,661,880 $ 5,591,107 98.75%
2014 $ 956,468,332 0.591216 $ 5,699,054 $ 5,627,816 98.75%
2015 $ 1,016,667,348 0.591216 $ 5,986,464 $ 5,926,599 99.00%
2016 $ 1,024,630,104 0.618718 $ 6,325,757 $ 6,262,499 99.00%
2017 $ 1,157,125,543 0.618411 $ 7,051,792 $ 6,969,084 98.83%
2018 $ 1,265,325,039 0.601788 $ 7,487,384 $ 7,401,975 99.20%
2019 $ 1,382,731,351 0.601788 $ 8,040,121 $ 8,014,638 99.68%
2020 $ 1,573,355,021 0.580500 $ 8,780,923 $ 8,693,114 99.00%
2021 est $ 1,597,254,264 0.580404 $ 8,894,923 $ 8,810,156 99.05%
2022 est $ 1,708,914,183 0.580400 $ 9,309,528 n/a n/a

The average taxable value of a home in Watauga this year is $173,843, an increase of
$13,513 from last year’s average taxable value of $160,330. The amount of annual City
property tax on the average home at the adopted tax rate of $0.5804/$100 is $1,008.98,

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