Page 31 - PowerPoint Presentation

PROPERTY TAX OVERVIEW

The municipal property tax rate (or ad valorem rate) proposed will maintain the current adopted
rate of $0.16788 per $100 of assessed valuation.

The tax rate is the no-new-revenue tax rate (formerly the effective tax rate). This rate is slightly
higher this year ($0.00042) than the no-new-revenue rate, which is the total tax rate needed to raise
the same amount of property tax revenue for the Town from the same properties between the 2020
tax year and the 2021 tax year.

Property Tax Revenue History
shown in millions

$3.000 $2.703 $2.840
$2.500 $2.033 $2.307
$2.000 $1.479 $1.578 $1.627
$1.500 $1.442 $1.367 $1.353 $1.433
$1.000
$0.500
$0.000
FY 11/12 FY 12/13 FY 13/14 FY 14/15 FY 15/16 FY 16/17 FY 17/18 FY 18/19 FY 19/20 FY 20/21 FY 21/22
Proposed

Town of Westlake Property Tax Revenue from FY11/12 – FY21/22 proposed.

This budget will raise more revenue from property taxes than last year’s budget by an amount of
$166,978, which is a 6.39% percent increase from last year’s budget. The property tax revenue to
be raised from new property added to the tax roll this year is $177,235.

The Town of Westlake will comply with all truth in taxation laws to protect the public’s right-to-know
about tax rate decisions.

ALLOCATION

Property tax is the third largest revenue source in the General Fund. This tax is allocated between
Maintenance and Operations (M&O) in the General Fund and Interest and Sinking (I&S) in the Debt
Service fund for the Town.

M&O: The M&O is the tax rate that is needed to raise the same amount of taxes that the Town
levied in the prior year plus the applicable percentage allowed by law. This rate accounts for such

thing as utilities and day-to-day operations.

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