Page 98 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

CITY OF HURST
COMPARISON OF TOTAL APPRAISED VALUE, LESS ABSOLUTE
EXEMPTIONS, TAX RATE
AND LEVY FOR TAX YEARS 2003-2022

TOTAL APPRAISED TAX RATE
TAX YEAR LEVY AFTER
VALUE PER $100 EXEMPTIONS*
2003 2,233,039,963 0.499000 9,423,287
2004 2,327,424,716 0.499000 9,899,828
2005 2,502,046,748 0.499000 10,618,765
2006 2,574,160,983 0.518000 11,464,527
2007 2,673,796,881 0.535000 12,332,382
2008 2,772,595,823 0.535000 12,603,087
2009 2,751,506,843 0.535000 12,407,165
2010 2,593,396,959 0.578000 12,662,645
2011 2,568,681,226 0.578000 12,571,616
2012 2,597,638,282 0.608000 13,438,215
2013 2,659,992,684 0.608000 13,824,741
2014 2,760,458,224 0.606000 14,366,498
2015 2,755,387,869 0.610560 14,438,190
2016 3,130,451,166 0.587900 15,475,137
2017 3,366,379,373 0.580940 16,668,038
2018 3,624,770,418 0.570940 18,002,284
2019 3,998,529,600 0.597299 20,394,882
2020 4,113,582,160 0.625159 21,753,362
2021 4,210,032,331 0.625159 20,703,156
2022 4,958,511,039 0.614043 21,861,386

The Property Tax Code was enacted into Law by the 66th Texas Legislature in 1979. The basis of
the Code is that all taxable properties are appraised at market value (100%) as of January 1.
Appraised values are determined by independent appraisal districts as authorized by the State
Property Tax Code. Appraised values increased in tax year 2012 following three successive years
of declines impacted by recession. In fiscal Year 2013, the tax rate increased three cents following
the issuance of voter approved General Obligation debt in 2012 to construct a new Justice Center.
Appraised values increased by approximately $100 million in tax year 2014, which allowed the
Council to cut the tax rate by approximately a quarter of a cent and to match the tax rate from
tax year 1992. Appraised values increased steadily in tax years 2016 through 2018, which allowed
the Council to cut the tax rate by approximately three and a half cents from tax year 2014. While
appraised values increased again in tax year 2019, the Council increased the tax rate by
approximately two and a half cents to offset stagnating sales tax revenues and lost franchise fees,
and to support voter approved General Obligation debt to construct a new Animal Shelter.
Although appraised values increased again in tax year 2022, the Council decreased the tax rate
by approximately one cent.

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