Page 123 - CityofWataugaAdoptedBudgetFY24

BUDGET SUMMARY

TABLE OF TRENDS IN ASSESSED VALUES, RATES, AND LEVIES

Tax
Year Assessed Value of Rate/$100 % Current
Ending Taxable Property of Current Year's Levy
Sept. 30 (Adjusted) valuation Tax Levy Taxes Collected Collected
2014 $ 956,468,332 0.591216 $ 5,699,054 $ 5,627,816 98.75%

2015 $ 1,016,667,348 0.591216 $ 5,986,464 $ 5,926,599 99.00%
2016 $ 1,024,630,104 0.618718 $ 6,325,757 $ 6,262,499 99.00%

2017 $ 1,157,125,543 0.618411 $ 7,051,792 $ 6,969,084 98.83%
2018 $ 1,265,325,039 0.601788 $ 7,487,384 $ 7,401,975 99.20%

2019 $ 1,382,731,351 0.601788 $ 8,040,121 $ 8,014,638 99.68%
2020 $ 1,573,355,021 0.580500 $ 8,780,923 $ 8,693,114 99.00%
2021 $ 1,597,254,264 0.580404 $ 8,894,923 $ 8,810,156 99.05%

2022 $ 1,708,914,183 0.580400 $ 9,440,143 $ 9,373,453 99.29%
2023 $ 1,903,634,822 0.570200 $ 9,994,389 $ 9,979,926 99.86%

2024 est $ 2,147,126,157 0.570200 $ 11,148,389 n/a n/a
The average taxable value of a home in Watauga this year is $226,383, an increase of
16%, or $31,550 from last year’s average taxable value of $194,833. The amount of
annual City property tax on the average home at the tax rate of $0.5702/$100 is $1,290,
up $180 from prior year. This represents a monthly cost of $107.5, or $3.53/day for the
City to provide services such as the day-to-day operations of the City including 24-hour
police, fire and EMS Service, public works, parks and recreation, library services, building
inspections, code compliance and other essential City services.
The City is landlocked and approximately 96% built out, however, in the City and
surrounding area, there has been substantial growth in residential and commercial
property valuations over the last several years. In future years, growth is forecasted to
slow to 3-5% annually.

Ad valorem taxes are billed October 1 of every year and are due on or before January 31
of the next calendar year. Projections for delinquent tax revenues for those collected after
January 31 are based on conservative prior years’ experience, as well as interest and
penalties on delinquent ad valorem taxes.

The City is located in two different independent school districts (ISDs); so, overlapping
property taxes vary by what section of the City in which a property is located. The City‘s
portion has historically been less than one-fourth of the entire property tax bill for the area.
The City offers a $40,000 senior citizen exemption from assessed values and has
incorporated the over-65 and disabled citizen tax freeze. All other exemptions for disabled
persons and veterans are as stipulated by State law.

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