Page 88 - FY 2023-24 ADOPTED BUDGET

PROPERTY TAX REVENUE

The 2023-24 Budget ad valorem tax revenue projection of $17,429,157 reflects a net increase of $1,372,359 over
the 2022-23 re-estimate of $16,056,798. The tax revenue projections include delinquent taxes and penalty and

interest. This revenue projection is based on decreasing the property tax rate from $0.5950 to $0.5650 per $100
valuation. The decrease in the property tax rate for 2023-24 is a result of an increase in total assessed valuations
from 2022-23 to 2023-24 primarily from new development and from increased property values.

ASSESSED VALUATIONS

The certified tax roll received from the Tarrant Appraisal District (TAD) in July 2023 shows the total appraised value
of property in Benbrook at $3,649,145,182; TAD provided revised assessed valuation and property tax data in
September 2023; however, the July 2023 totals are used for all 2023-24 budget calculations. Total exemptions
(over-65, homestead, disability, veterans, pro-rated absolute, and nominal value - below $500) and total
adjustments (absolute exemptions, cases before the Appraisal Review Board, and incomplete accounts) are
$486,055,744. TAD’s minimum projected value of property under protest and/or in incomplete accounts is

$136,364,954. The total net taxable value used to project revenues for 2023-24 is $3,299,454,392. Based on the
tax rate of $0.5650, current property tax collections are projected to be $17,303,688 at a 97% collection rate for
both the General Fund and the Debt Service Fund property tax revenue.

DISTRIBUTION OF PROPERTY TAX REVENUE BETWEEN GENERAL FUND AND DEBT SERVICE FUND

Property tax revenue is allocated between the General Fund and the Debt Service Fund. This allocation is
determined each fiscal year by calculating the property tax rate needed to finance each of these two funds. The
2022-23 property tax rate for the General Fund was $0.5740 per $100 valuation; the 2023-24 property tax rate for
the General Fund decreases to $0.5260 per $100 valuation. The property tax rate for the Debt Service Fund in 2022-
23 was $0.0210 per $100 valuation; the 2023-24 tax rate for the Debt Service Fund increases to $0.0390 per $100
valuation. For 2022-23, the General Fund received 96.47 percent of property tax revenue; in 2023-24 the General

Fund receives 93.10 percent. For 2022-23 the Debt Service Fund received 3.53 percent of the City’s property tax
revenue; in 2023-24 the Debt Service Fund receives 6.90 percent.

COLLECTION RATE

The City of Benbrook uses a collection rate of 97.0 percent in calculating the anticipated tax collections. Delinquent
tax collections are based upon the total delinquent taxes outstanding as of September 30 and the City’s historical
success of collections. Penalty and interest estimates are based on the actual amount received during the past
several years.

INCREASES IN PROPERTY TAX REVENUE

Current property tax revenue for 2023-24 is $17,303,657 for an increase of $1,396,159 over the 2022-23 re-
estimate of $15,907,498. Delinquent property tax collections for 2023-24 are $62,500 for a decrease of $17,500
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