Page 28 - GFOA Draft 2

CITY OF SAGINAW
BUDGET HIGHLIGHTS
2022-2023

The following is a brief overview of the adopted 2022-2023 budget:

GENERAL FUND
The City of Saginaw continues to see growth in the estimated net taxable value due to continued
growth and an overall increase in property values. The July 2022 certified net taxable value has
increased by 9.9% over the July 2021 certified net taxable value. These values are determined
and certified by the Tarrant Appraisal District (TAD).

The adopted budget is prepared based on a tax rate that is less than the voter-approval rate of
53.2488 cents.
Saginaw’s population has grown from 19,806 in 2010 to 24,860 per the 2020 census. The North
Central Texas Council of Governments estimates the 2022 population to be 24,450.
The July certified estimated net taxable value from TAD is $2,624,817,142, and is an increase of
$237,245,145 over last year’s July estimated net taxable value of $2,387,571,997. Tarrant
Appraisal District estimates a total of $44,497,540 in added value from new construction
($7,714,590 in residential and $36,782,950 in commercial). New construction for 2021-2022 was
valued at $39,728,389.
This adopted budget is based on a tax rate of 0.508042 which is 3.4203 cents higher than last
year’s rate of .479516. The proposed tax rate is less than the Voter-approval rate of .532488 as
calculated by the Texas State Comptroller’s 2022 Tax Rate Calculation Worksheet. The No New
Revenue Tax Rate is .439714 and the De minims tax rate is .524508.

TAX DEBT M&0 SALES TAX TOTAL AVG. TAX
YEAR RATE RATE ADJUSTMENT
2021 .194458 .285058 (.086959) .479516 $ 971.70
2022 .234886 .273156 (.085385) .508042 $1,107.42
DIFFERENCE OVER (UNDER) LAST YEAR .028526 $ 135.72

The average taxable single family home value in 2021 was $202,642. The average taxable single
family home value in 2022 is estimated to be $217,978, an increase of 7.6%. The average
homeowner’s city taxes will increase annually $135.72 from $971.70 to $1,107.42 or $11.31 per
month. For $92.29 per month, the average citizen of Saginaw receives police protection, fire
protection, public services, parks, recreation, library services, animal services, and code
enforcement and inspection.

The increase in the debt portion of the tax rate is due to the sale of $23.7 million in voter
approved bonds for the construction of a new Library and Senior Citizens Center.

Seniors will see a savings due to an increase in the over 65 homestead exemption. The
exempted value went from $50,000 to $100,000. The average senior will pay $599.38 in city
property taxes, a savings of $508.04.

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