Page 12 - ArlingtonFY24AdoptedBudget

Budget In Brief

PROPERTY TAXES $144.8 MILLION, 44.9% OF GENERAL FUND REVENUES

The largest single revenue source for the General Fund is the Property Tax. In FY 2024, this revenue represents 44.9% of
General Fund revenues, up from 43.2% in FY 2023. The total assessed value of taxable property in Arlington is $40.7 billion,
an increase of $5.0 billion from FY 2023.

The adopted ad valorem tax rate in FY 2024 Increase
is $0.5898 per $100 of assessed value, which FY 2023 FY 2024 (Decrease)
is 1.0 cent lower than the FY 2023 rate. The General Fund Tax Rate 40.30 40.80 0.50
General Fund’s portion of the adopted rate is Debt Service Tax Rate 19.68 18.18 (1.50)
40.80 cents per $100 of assessed value,
which represents 69.2% of the total tax rate. Total Property Tax Rate 59.98 58.98 (1.00)
As the chart to the right indicates, the allocation of the property tax rate between Debt Service and the General Fund shifts in
FY 2024, with the General Fund’s portion increasing by 0.50 cents and the Debt Service portion decreasing by 1.50 cents. As
shown in the accompanying bar chart, the property tax base grew by 14.0% in FY 2024, continuing the strong growth seen in
FY 2023 following two years of more moderate
increases. General Fund revenues from this
growth are anticipated to increase in FY 2024 by
approximately $19.4 million from the FY 2023
budget.

The 14.0% growth in the property tax base
reflects an increase in values of $5.0 billion from
the certified roll received in July of last year, as
shown below.

Certified Roll, July 2022: $35,743,713,630
Increase in values: 4,998,823,558
Certified Roll, July 2023: $40,742,537,188

The graph to the right shows the
tax rate history in the City since FY
2013. The adopted rate of $0.5898
per $100 of assessed value
represents the eighth consecutive
year in which the City has lowered
its ad valorem tax rate.

FY 2024 Adopted Budget and Business Plan 3 City of Arlington, Texas