Page 34 - PowerPoint Presentation

APPRAISED VALUE vs. TAXABLE VALUE
The Town of Westlake’s property values have increased over time. The difference between the
appraised value and the taxable value are the Town’s homestead and other exemptions.

Appraised Value vs Taxable Value

shown in billions

3.00

2.50

2.00
1.50

1.00

0.50

0.00
FY16/17 FY17/18 FY18/19 FY19/20 FY20/21 FY21/22

Appraised Value Taxable Value

This graph shows the historical appraised and taxable value of the Town of Westlake from FY16/17 to FY21/22.

EXEMPTIONS & PROPERTY TAX REDUCTION

The Town of Westlake offer the following exemptions and property tax reduction programs to its residents:

HOMESTEAD EXEMPTION
It is the intent of the Town Council of the Town of Westlake to adopt the highest possible homestead
exemption, which would be a homestead exemption in the amount of twenty percent (20%) of the value
of the homestead, and in any event, the exemption shall be at least a minimum of Five Thousand dollars
($5,000).

ADDITIONAL 65+ or DISABLED EXEMPTION
A $10,000 exemption on the taxable value of homes of 65+ or disabled residents. (This is one or the other,
not both).

HOMESTEAD TAX CEILING, OR TAX FREEZE (for 65+ or disabled)
This exemption limits the total amount of taxes residents who are 65+ or disabled pay so that their future
years’ taxes will not increase beyond what they currently pay upon qualification. Any resident that was 65
or disabled when the Town increased its zero, or 0%, ad valorem rate in 2010, did not pay any municipal
ad valorem taxes for the 2009 tax year due to this tax ceiling. After the 2010 tax levy, persons over 65 or
disabled with a Westlake residence homestead can freeze their municipal tax levy in the tax year of
qualification for the tax ceiling exemption, or tax freeze, and their municipal ad valorem taxes will remain
fixed at that amount. Additionally, they will not pay more but could potentially pay less if taxes are lowered.

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