Page 469 - Southlake FY23 Budget

APPEnDIx

FREqUEnTLY ASKED qUESTIOnS

TaxaTion
What is the current taX rate?
The FY 2023 tax rates are shown below. These rates are based on the certified Tarrant Appraisal District taxable
values.

General Fund .295
Debt Service .065
Total .360

The FY 2023 tax rate of $0.360 is $0.03 less than the FY 2022 tax rate of $0.390.

What revenue Does one cent on the property taX rate generate?
The certified total taxable value (discounted for value protest) provided by the appraisal districts for FY 2022 budget
is $8,220,731,143 (net TIF). One cent is the equivalent of $822,073 (net TIF) in revenue to the City of Southlake.

What percentage change occurreD from the fy 2022 certifieD taX Base to
the fy 2023 taX Base?
The percentage change from FY 2022 certified taxable value to FY 2023 certified was 16.68% (net TIF).

What aDDitional revenue Will this groWth generate for the general funD?
The City of Southlake is proposing a reduced tax rate for FY 2023, which returns 100% of the growth generated back
to the tax payer.

What is the DistriBution of the taX Base BetWeen resiDential anD
commercial property?
In FY 2022, residential property accounted for approximately 70% and commercial/industrial/retail property
accounted for 30% of the total tax base.

What is meant By the terms “no neW revenue rate” anD “voter approval

rate”?
The “no new revenue rate” (formerly called the effective tax rate) is the rate which would generate the same tax
revenue in the new year as in the current year, for properties on the roll in both years. The “Voter Approval Rate”
(formerly called the rollback rate) is that rate which is three and a half percent higher than the maintenance and
operation portion of the no new revenue rate, plus the required debt service for the new year. These calculations
determine how the City of Southlake will advertise taxation plans under state truth-in-taxation laws.

What is southlake’s no neW revenue rate anD voter approval rate for fy
2021?
The no new revenue tax rate for FY 2023 is $0.364058, which is 1.13% higher than the proposed rate of $0.360. The
voter approval rate (adjusted for unused increment rate) for FY 2023 is $0.456923.

468 FY 2023 City of Southlake | BUDGET BOOK
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