Page 43 - Lake Worth Adopted Budget FY 23-24

2023 Tax Rate Calculation Worksheet

Taxing Units Other Than School Districts or Water Districts

Lake Worth 817)237-1211

Taxing Unit Name Phone (area code and number)

3805 Adam Grubb Lake Worth, Texas 76135 www.lakeworthtx.org

Taxing Unit's Address, City, State, ZIP Code Taxing Unit's Website Address

GENERAL INFORMATION: Tax Code Section 26.04(c) requ(res an officer or employee designated by the governing body to calculate the no -new -revenue (NNR) tax rate and

voter -approval tax rate for the taxing unit. These tax rates are expressed in dollars per $100 of taxable value calculated. The calculation process starts after the chief appraiser

delivers to the taxing unit the certified appraisal roll and the estimated values of properties under protest.The designated officer or employee shall certify that the officer or

employee has accurately calculated the tax rates and used values shown for the certified appraisal roll or certified estimate.The officer or employee submits the rates to the

governing body by Aug. 7 or as soon thereafter as practicable.

School districts do not use this form, but instead use Comptroller Form 50-859 TaxRate Calculation Worksheet School District without Chapter313 Agreements or Comptroller Form

50-884 TaxRate Calculation Worksheet, School District with Chapter313 Agreements.

Water districts as defined under Water Code Section 49.001( 1) do not use this form, but instead use Comptroller Form 50-858 Water District Voter -Approval TaxRate Worksheet for

Low Tax Rate and Developing Districts or Comptroller Form 50-860 Developed Water District Voter -Approval Tax Rate Worksheet.

The Comptroller's office provides this worksheet to assist taxing units In determining tax rates The information provided in this worksheet is offered as technical assistance and not

legal advice. Taxing units should consult legal counsel for interpretations of law regarding tax rate preparation and adoption.

SECTION 1: No-New Revenue Tax Rate

The NNR tax rate enables the public to evaluate the relationship between taxes for the prior year and for the current year based on a tax rate that would produce the same amount

of taxes (no new taxes) ifapplied to the same properties that are taxed In both years. When appraisal values increase, the NNR tax rate should decrease.

The NNR tax rate for a county Is the sum of the NNR tax rates calculated for each type oftax the county levies.

While uncommon, It Is possible for a taxing unit to provide an exemption for only maintenance and operations taxes. In this case, the taxing unit will need to calculate the NNR tax

rate separately for the maintenance and operations tax and the debt tax, then add the two components together.

1. 2022 total taxable value. Enter the amount of2022 taxable value on the 2022 tax roll today. Include any adjustments since last year's certification,

excludeTax Code Section 25.25(d) one-fourth and one-third over -appraisal corrections from these adjustments. Exclude any property value subject

to an appeal under Chapter 42 as ofJuly 25 (will add undisputed value in Line 6).This total includes the taxable value of homesteads with tax celk

ings (will deduct in Line 2) and the captured value for tax increment financing (adjustment is made by deducting TIF taxes, as reflected In Line 17)? 608,702,240

2. 2022 tax ceilings. Counties, cities and junior college districts. Enter 2022 total taxable value of homesteads with tax ceilings. These include the

homesteads of homeowners age 65 or older or disabled. Other taxing units enter 0. Ifyour taxing unit adopted the tax ceiling provision in 2022

or a prior year for homeowners age 65 or older or disabled, use this step? S 0

3. Preliminary 2022 adjusted taxable value. Subtract Line 2 from Line 1. 608,7021240

4. 2022 total adopted tax rate. 0.438928 !$

100

5. 2022 taxable value lost because court appeals of ARB decisions reduced 2022 appraised value.

7549669........................................... $ .
A. Original 2022 ARB values:.................................

6,4223213
Be 2022 values resulting from final court decisions:..................................................... - $

C. 2022 value loss. Subtract B from A.' 1, 1271456

6. 2022 taxable value subject to an appeal under Chapter 42, as of July 25.

13,726,314

A. 2022 ARB certified value $

2/0580947
Be 2022 disputed value:................................................................................. -$

C. 2022 undisputed value. Subtract B from A.' 11, 667,367

7. 2022 Chapter 42 related adjusted values. Add Line 5C and Line 6C. 12,794,823

Tex. Tax Code 426.012( 14)

Tex.TaxCode 426.012( 14)

Tex. Tax Code 426.012( 13)

Tez.Tax Code 426.012( 13)

Form developed by:Texas Comptroller of Public Accounts, PropertyTax Assistance Division For additional copies, visit: comptroller.texas.govltaxes/property-tax

Attachment A Page 39 of 48 So- s56 • G- 23Ito