Page 6 - Saginaw FY24 Adopted Budget

CITY OF SAGINAW
BUDGET HIGHLIGHTS
2023-2024

The following is a brief overview of the Adopted 2023-2024 budget:

GENERAL FUND:

• The City of Saginaw continues to see growth in the estimated net taxable value due to
continued growth and an overall increase in property values. The July 2023 certified net
taxable value has increased by 13% over the July 2022 certified net taxable value.
These values are determined and certified by the Tarrant Appraisal District (TAD).

• The adopted budget is prepared based on a tax rate that is equal to the voter-approval
rate (adjusted by the unused incremental rate) of 49.8769 cents.

• Saginaw’s population has grown from 19,806 in 2010 to 24,860 per the 2020 census.
The North Central Texas Council of Governments estimates the 2023 population to be
24,974.

• The July certified estimated net taxable value from TAD is $2,968,980,820, and is an
increase of $344,163,679 over last year’s July estimated net taxable value of
$2,624,817,142. Tarrant Appraisal District estimates a total of $34,283,771 in added
value from new construction ($4,147,839 in residential and $30,135,932 in commercial).
New construction for 2022-2023 was valued at $44,497,540.

• This adopted budget is based on a tax rate of 0.498769 which is 0.009273 cents lower
than last year’s rate of .508042. The adopted tax rate is equal to the Voter-approval rate
adjusted by the unused incremental rate as calculated by the Texas State Comptroller’s
2023 Tax Rate Calculation Worksheet. The estimated No New Revenue Tax Rate is
.459254 and the De minims tax rate is .499455.

TAX DEBT M&O SALESTAX
YEAR RATE RATE ADJUSTMENT TOTAL AVG. TAX
2022 .234886 .273156 (.085385) .508042 $1,107.42
2023 .234810 .263959 (.084281) .498769 $1,240.56
DIFFERENCE OVER (UNDER) LAST YEAR (.009273) $ 133.14

• The average taxable single family home value in 2022 was $217,978. The average
taxable single family home value in 2023 is estimated to be $248,725, an increase of
14%. The average homeowner’s city taxes will increase annually by $133.14 from
$1,107.42 to $1,240.56 or $11.10 per month. For $103.38 per month, the average
citizen of Saginaw receives police protection, fire protection, public services, parks,
recreation, library services, animal services, and code enforcement and inspection.

• The increase in the debt portion of the tax rate is due to the sale of $16.95 million in
voter approved bonds for the construction of Knowles and Parks projects.

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