Page 356 - Watauga FY22-23 Budget

Notice about 2022 Tax Rates
Property tax rates in City of Watauga.
This notice concerns the 2022 property tax rates for City of Watauga. This notice provides
information about two tax rates used in adopting the current tax year's tax rate. The no-
new-revenue tax rate would Impose the same amount of taxes as last year if you compare
properties taxed in both years. In most cases, the voter-approval tax rate is the highest tax
rate a taxing unit can adopt without holding an election. In each case, these rates are
calculated by dividing the total amount of taxes by the current taxable value with
adjustments as required by state law. The rates are given per $100 of property value.

This year's no-new-revenue tax rate $0.530859/$100
This year's voter-approval tax rate $0.584200/$100

To see the full calculations, please visit www.wataugatx.org for a copy of the Tax Rate
Calculation Worksheet.

Unencumbered Fund Balances
The following estimated balances will be left in the taxing unit's accounts at the end of the
fiscal year. These balances are not encumbered by corresponding debt obligation.
Type of Fund Balance
Debt Service Fund 770,000

Current Year Debt Service
The following amounts are for long-term debts that are secured by property taxes. These
amounts will be paid from upcoming property tax revenues (or additional sales tax
revenues, if applicable).
Principal or Contract Interest to be
Description of Debt Payment to be Paid Paid from Other Amounts Total Payment
from Property Taxes Property Taxes to be Paid
0 0 0 0
2022 CO 1,005,000 213,915 0 1,218,915
2007 Certificates of 220,000 43,977 0 263,977
Obligation
2013 Certificates of 190,000 2,138 0 192,138
Obligation
2014 Certificates of 100,000 42,875 0 142,875
Obligation
2016 Certificates of 265,000 98,344 0 363,344
Obligation
2018 Certiifcates of 330,000 188,840 0 518,840
Obligation
2019 Certificates of 55,000 8,575 0 63,575
Obligation
2020 Tax Note 90,000 8,400 0 98,400
2020 Certificates of 200,000 58,325 0 258,325
Obligation
2020 Refunding Bonds 115,000 4,709 0 119,709
2021 Certificates of 275,000 100,250 0 375,250
Obligation

Total required for 2022 debt service $3,615,348
- Amount (if any) paid from funds listed in
unencumbered funds $50,000
- Amount (if any) paid from other resources $153,178
- Excess collections last year $241,601
= Total to be paid from taxes in 2022 $3,170,569
+ Amount added in anticipation that the unit will $-1,902
collect only 100.06% of its taxes in 2022
= Total debt levy $3,168,667

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