Page 341 - Southlake FY24 Budget

Frequently Asked Questions

Taxation

What is the current tax rate?
The FY 2024 tax rates are shown below. These General Fund .264
rates are based on the certified Tarrant Appraisal Appendix
District taxable values. Debt Service .055

Total .319
The FY 2024 adopted tax rate of $0.319 is $0.041
less than the FY 2023 tax rate of $0.360.

What revenue does one cent on the property tax rate generate?
The certified total taxable value (discounted for value protest) provided by the appraisal districts for FY
2024 budget is $10,564,623,953 (net TIF). One cent is the equivalent of $1,056,462 (net TIF) in revenue to
the City of Southlake.

What percentage change occurred from the FY 2023 certified tax base to the FY 2024 tax base?
The percentage change from FY 2023 certified taxable value to FY 2024 certified was 16.5% (net TIF).

What additional revenue will this growth generate for the General Fund?
The City of Southlake adopted a reduced tax rate for FY 2024, which returns 100% of the growth
generated back to the tax payer.

What is the distribution of the tax base between residential and commercial property?
In FY 2024, residential property accounted for approximately 70% and commercial/industrial/retail
property accounted for 30% of the total tax base.

What is meant by the terms “No New Revenue Rate” and “Voter Approval Rate”?
The “no new revenue rate” (formerly called the effective tax rate) is the rate which would generate the
same tax revenue in the new year as in the current year, for properties on the roll in both years. The
“Voter Approval Rate” (formerly called the rollback rate) is that rate which is three and a half percent
higher than the maintenance and operation portion of the no new revenue rate, plus the required debt
service for the new year. These calculations determine how the City of Southlake will advertise taxation
plans under state truth-in-taxation laws.

What is Southlake’s no new revenue rate and voter approval rate for FY 2024?
The no new revenue tax rate for FY 2024 is $0.319375 is above the adopted rate of $0.319. The voter
approval rate (adjusted for unused increment rate) for FY 2024 is $0.380408.

What percentage change are we anticipating in general fund sales tax revenue for FY 2023 (Adopted)
to FY 2024 (budget)?
It is estimated that we will collect $19,908,000 in General Fund sales tax in FY 2024. This number is
consistent with the FY 2023 Adopted Budget.

FY 2024 City of Southlake | Budget Book 341