Page 357 - City of Watauga FY22 Adopted Budget

NOTICE OF PUBLIC HEARING

ON TAX INCREASE

A tax rate of $0.580400 per $100 valuation has been proposed by the governing body of City of Watauga.
PROPOSED TAX RATE $0.580400 per $100
NO NEW REVENUE TAX RATE $0.552327 per $100
VOTER APPROVAL RATE $0.597593 per $100
DE MINIMIS RATE $0.600883 per $100
The no-new-revenue tax rate is the tax rate for the 2021 tax year that will raise the same amount of property tax revenue for
City of Watauga from the same properties in both the 2020 tax year and the 2021 tax year.

The voter-approval rate is the highest tax rate that City of Watauga may adopt without holding an election to seek voter
approval of the rate.

The de minimis rate is the rate to the sum of the no-new-revenue maintenance and operations rate for the City of Watauga and
the rate that will raise $500,000, and the current debt rate.

The proposed tax rate is greater than the no-new-revenue tax rate. This means that City of Watauga is proposing to increase
property taxes for the 2021 tax year.

A PUBLIC HEARING ON THE PROPOSED TAX RATE WILL BE HELD ON September 13, 2021 at 6:30 p.m at City Hall, 7105
Whitley Road, Watauga, Texas 76148.

The proposed tax rate is not greater than the voter-approval tax rate. As a result, City of Watauga is not required to hold an
election at which voters may accept or reject the proposed tax rate. However, you may express your support for or opposition
to the proposed tax rate by contacting the members of the of City of Watauga at their offices or by attending the public hearing
mentioned above.
YOUR TAXES OWED UNDER ANY OF THE RATES MENTIONED ABOVE CAN BE CALCULATED AS FOLLOWS:

Property tax amount= (tax rate) x (taxable value of your property)/100
The members of the governing body voted on the proposal to consider the tax increase as follows:

FOR: Patrick Shelbourne, Place 1, Lovie Downey, Place 3, Andrew Neal, Mayor Pro Tem, Place 4, Juanita King, Place 5, Mark
Taylor, Place 6, Jan Hill, Place 7
AGAINST: None
PRESENT and not voting: Arthur Miner, Mayor ABSENT: Tom Snyder, Place 2
The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of
property taxes in the state.

The following table compares the taxes imposed on the average residence homestead by City of Watauga last year to the taxes
proposed to be imposed on the average residence homestead by City of Watauga this year.
2020 2021 Change

Total tax rate (per $100 of value) $0.580404 $0.580400 Decrease of $-0.000004.

Average homestead taxable value $160,330 $173,843 Increase of $13,513, or 8.43%

Tax on average homestead $930.56 $1,008.98 Increase of $78.42, or 8.43%

Total tax levy on all properties $8,160,080 $8,571,826 Increase of $411,746, or 5.05%
(not including freeze levy)

For assistance with tax calculations, please contact the tax assessor for City of Watauga at 817-514-5800, or accounting@wataugatx.org, or
348
visit www.cityofwatauga.org for more information.