Page 49 - HaltomCityFY25Budget

City Of Haltom City Annual Budget, FY2025 Budget Overview

MAJOR REVENUES

PROPERTY TAX

The City’s property tax is levied based on appraised value of property as determined by the Tarrant County
Appraisal District. The Tarrant County Tax Office bills and collects the property tax for the City.
The tax rate is $0.580727 per $100 assessed valuation, which consists of $0.386103 for maintenance and
operations cost (recorded in the General Fund) and $0.194624 for principal and interest payments on bond
indebtedness (recorded in the Debt Service Fund).

Outlook
Fiscal Year 2025 has seen an increase in property tax revenues, driven by two key factors: a rise in property
values and the addition of new properties to the tax rolls. The assessed property values, which form the
basis for these revenues, are determined by the tax roll certified by the Tarrant County Appraisal District
(TAD). This growth in revenue is projected to continue in future years as current development projects
reach completion and newly constructed properties are subsequently added to the TAD’s tax rolls. However,
a significant change in TAD’s appraisal process is anticipated to impact future revenue projections. TAD is
transitioning from annual to biennial appraisals, meaning properties will now be assessed every two years
instead of every year. This change in appraisal frequency will likely influence the pace and predictability of
property tax revenue growth in the future. The full extent of this impact requires further analysis.

Major Influence
Factors affecting property tax revenues include population, development, property value, tax rate,
and tax assessor appraisal and collection rate.

PROPERTY TAX REVENUES

$20.00
$6.87
$18.00 $7.67
$7.21
$16.00
$6.95
$14.00 $6.27
$5.98
$12.00 $4.33 $5.14
MILLIONS $10.00 $4.02 $4.35

$8.00
$13.32 $14.59 $15.50
$6.00 $10.07 $10.93 $11.38
$4.00 $7.88 $8.52 $9.33 $9.45
$2.00

$0.00
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25
Budgeted

General Fund Debt Service Fund