Page 131 - City of Watauga FY22 Adopted Budget

BUDGET-OVERVIEW

prior years’ experience, as well as interest and penalties on delinquent ad valorem
taxes.

The City is located in two different independent school districts (ISDs); so overlapping
property taxes vary by what section of the City in which a property is located. The City‘s
portion has historically been less than one-fourth of the entire property tax bill for the area.

The City offers a $40,000 senior citizen exemption from assessed values and has
incorporated the over-65 and disabled citizen tax freeze. All other exemptions for disabled
persons and veterans are as stipulated by State law.

The top ten principal taxpayers in the City include:

NAME TYPE OF NET TAXABLE % OF TOTAL
BUSINESS/PROPERTY ASSESSED VALUE ASSESSED TAXABLE
VALUE
Inland Western Shopping Mall $35,365,627 2.07%
Watauga Towne Retail Center $31,769,246 1.86%
ParkVista Townhomes Apartments $15,600,000 0.91%
Dayton Hudson Retail $14,836,297 0.87%
Brookwillow Retail Center $13,000,000 0.76%
Oncor Electric Electric Utility $ 9,413,754 0.55%
Woodcrest Retail $ 8,642,632 0.51%
Watauga Assoc. Retail $ 5,148,212 0.30%
FKH SFR Propco B- Utility $ 4,573,416 0.27%
Hld LP
Shops of Watauga Retail $ 4,321,738 0.25%

TOP TEN TOTAL % OF CITY’S ASSESSED VALUATION: 8.1%

Sales Tax Collections

The second major financial consideration that guides the development of the budget for
the upcoming year is the projection of sales tax revenues. The City's 1.25% share of all
local taxable sales are remitted by merchants to the State Comptroller’s Office and then
distributed to the City on a monthly basis. Sales tax revenues comprise 28% of General

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