Page 223 - Bedford-FY23-24 Budget

Property Taxes Summary

B28,996,430 $28,996,430
(100.00% vs. prior year)

Proper ty Taxes Proposed and Historical Budget vs. Actual

$35M

$30M

$25M

$20M

$15M

$10M

$5M

$0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024
Actual Budgeted

Property taxes make up the largest single revenue source for General Fund operations. The property tax rate
is made up of two segments. The rst is the Operations and Maintenance (O&M) rate. This amount is
dedicated to daily operations of the City that fall within the General Fund. Services such as Police, Fire, Parks
and Recreation, Library, Senior Center, Neighborhood Services, Finance, and General Governmental
functions are included in the General Fund. The second segment of the tax rate is the Debt Service rate. This
is the tax rate that is pledged to repay long term debt obligations of the City.

Property taxes are assessed on real and personal property based on the value of the property on January 1 of
each year. Property tax revenues have varied somewhat over the last several scal years. The proposed tax
rate for 2023-2024 for the City of Bedford is $0.495726 per $100 valuation. This rate is composed of a debt rate
of $0.143895 and maintenance and operations rate of $0.351831. The 2022-2023 tax rate was $0.495726 per
$100 valuation and was composed of a debt rate of $0.128229 and maintenance and operations rate of
$0.367497.

The appraisal of property within the City is the responsibility of the Tarrant Appraisal District. Excluding
agricultural and open-space land, which may be taxed on the basis of productive capacity, the Appraisal
District is required under the Property Tax Code to appraise all property within the District on the basis of
100% of its market value. Taxes become due October 1 of the appraisal year and become delinquent on
February 1 of the following year.

Beginning in FY 22-23, the properties included in the Tax Increment Re nancing Zone (TIRZ) included value
increases above the base year. The property tax revenue for the additional value in those accounts is
accounted for in the TIRZ Fund.

City of Bedford, TX | Proposed Budget FY 2023-2024 Page 223