Page 74 - CityofMansfieldFY24Budget

General Fund Revenue Composition
2023-2024 Budget

Permits Transfers Other
Fines & Fees 3% 5% 3%
3%
Franchise Tax
9%

Sales Tax Property Tax
21% 56%

Property Tax Revenue

Property tax accounts for approximately 56% of all revenue in the General Fund. Property tax revenue is
budgeted at $52,820,733 in FY 2023-2024, an increase of 7.9% or $3,868,126 over the FY 2022-2023
budget. The increase in property tax is from an increase in existing and new property valuations as well as
new growth. It reflects a 14% homestead exemption for residential homeowners. A 10% homestead was
approved and implemented in FY 2020-2021. During the FY 2022-2023 budget process, City Council
approved a 2% increase. For the FY 2023-2024 budget, City Council approved an additional 2%
homestead exemption, bringing the total to 14% for qualified Mansfield homeowners. New construction
activity in FY 2023-2024 is anticipated to stay on pace as economic conditions improve and commercial
and retail developments increase. Property tax estimates are based on the valuation of real and personal
property within the City of Mansfield. In 2023, the average taxable value of an existing residential home
increased approximately 9.5%. New construction in 2023 was valued at approximately $641,678,445, or
$4,230,541 in property taxes.

Average Taxable Property Value

20%
15%
10%
5%
0%
-5%
-10%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

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