Page 51 - Watauga FY22-23 Budget

BUDGET OVERVIEW – BUDGET-IN-BRIEF

As shown in the table below and the Assessed Value of Taxable Property Graph, City
valuations have experienced growth in the last ten years. In FY2020, values came in at
13.8% over FY2019, in FY2021 values came in at 1.5% over prior year, and in FY2022,
valuations increased 7% over prior year.

In Tax Year 2022, Fiscal Year 2022-23, certified values from Tarrant Appraisal District
came in at 11% over prior year. The City’s collection rates for property taxes are strong
at approximately 99% annually.

TABLE OF TRENDS IN ASSESSED VALUES, RATES, AND LEVIES
Tax
Year Assessed Value of Rate/$100 % Current
Ending Taxable Property of Current Year's Levy
Sept. 30 (Adjusted) valuation Tax Levy Taxes Collected Collected
2014 $ 956,468,332 0.591216 $ 5,699,054 $ 5,627,816 98.75%

2015 $ 1,016,667,348 0.591216 $ 5,986,464 $ 5,926,599 99.00%
2016 $ 1,024,630,104 0.618718 $ 6,325,757 $ 6,262,499 99.00%

2017 $ 1,157,125,543 0.618411 $ 7,051,792 $ 6,969,084 98.83%
2018 $ 1,265,325,039 0.601788 $ 7,487,384 $ 7,401,975 99.20%

2019 $ 1,382,731,351 0.601788 $ 8,040,121 $ 8,014,638 99.68%
2020 $ 1,573,355,021 0.580500 $ 8,780,923 $ 8,693,114 99.00%
2021 $ 1,597,254,264 0.580404 $ 8,894,923 $ 8,810,156 99.05%

2022 est $ 1,708,914,183 0.580400 $ 9,309,528 $ 9,216,433 99.00%
2023 est $ 1,898,387,000 0.570200 $ 9,936,528 n/a n/a

The average taxable value of a home in Watauga this year is $194,833, an increase of
12%, or $20,990 from last year’s average taxable value of $173,843. The amount of
annual City property tax on the average home at the proposed tax rate of $0.5702/$100
is $1,110, up $102 from prior year. This represents a monthly cost of $92.50, or $3.04/day
for the City to provide services such as the day to day operations of the City including 24-
hour police, fire and EMS Service, public works, parks and recreation, library services,
building inspections, code compliance and other essential City services.

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