Page 358 - Watauga FY22-23 Budget

Section 26.05(b) of Property Tax Code
Worksheet for Determination of Steps Required for Adoption of Tax Rate
City of Watauga

M&O Tax Increase in Current Year

1. Last year's taxable value, adjusted for court-ordered reductions. Enter Line 8 of $1,474,668,804
the No-New-Revenue Tax Rate Worksheet.
2. Last year's M&O tax rate. $0.395445/$100
Enter Line 28 of the Voter-Approval Tax Rate Worksheet.

3. M&O taxes refunded for years preceding tax year 2021. $54,197
Enter Line 31A of the Voter-Approval Tax Rate Worksheet.
4. TIF Adjustment.
Enter Line 31B of the Voter-Approval Tax Rate Worksheet. $0

5. Last year's M&O tax levy. Multiply line 1 times line 2 and $5,885,701
divide by 100. To the result, add line 3 and subtract line 4.
6. This year's total taxable value. Enter line 21 of the
No-New-Revenue Tax Rate Worksheet. $1,624,845,306

7. This year's proposed M&O tax rate. Enter the proposed M&O tax rate approved $0.375187/$100
by the Governing Body.

8. This year's M&O tax levy. Multiply line 6 times $6,096,208
line 7 and divide by 100.
9. M&O Tax Increase (Decrease). $210,507
Subtract line 5 from line 8.

Comparison of Total Tax Rates
10. No-New-Revenue Total Tax Rate. $0.530859/$100

11. This year's proposed total tax rate. $0.570200/$100
12. This year's rate minus No-New-Revenue rate. Subtract line 10 from line 11. $0.039341

13. Percentage change in total tax rate. Divide Line 12 by line 10. 7.41%

Comparison of M&O Tax Rates
14. No-New-Revenue M&O Tax Rate. Enter line 39 of the Voter-Approval Tax Rate $0.362500/$100
Worksheet.
15. This year's proposed M&O tax rate. $0.375187/$100

16. This year's rate minus No-New-Revenue rate. Subtract line 14 from line 15. $0.012687
17. Percentage change in M&O tax rate. Divide line 16 by line 14. 3.50%

Raised M&O Taxes on a $100,000 Home
18. This year's taxable value on a $100,000 home. $100,000
19. Last year's M&O tax rate. $0.395445/$100

20. This year's proposed M&O tax rate. $0.375187/$100

21. This year's raised M&O taxes. $-20.26
Subtract line 19 from line 20 and multiply result by line 18.
349