Page 55 - CityofKellerFY25Budget

Ad Valorem Taxes:

Ad valorem tax is the largest revenue source for the City of Keller and is split between the General Fund
(Operations and Maintenance tax rate) and Debt Service (Interest and Sinking tax rate). The adopted
FY 2024-25 rate is $0.291120 per $100 of taxable value (/100), which is a decrease of $0.02088 from
the FY 2023-24 rate and is under both the no new revenue and the voter-approval tax rate. The total levy
will increase by $106,345 or 1.1%. The new levy added $243,653 to the total levy, whereas the existing
levy is a decrease of $137,308 since the rate is below the no new revenue rate. For the average
household, the taxable value has increased from $440,350 to $471,929, which is an increase of 7.17%.
However, with the adopted rate, the average home ad valorem levy is $1,373.88 or a decrease of $0.01
from the current year. The estimated property tax revenue for FY 2024-25 is $24,168,790 for all funds.

25,000,000
0.390000

20,000,000 0.370000

0.350000
15,000,000
0.330000

10,000,000 0.310000

0.290000
5,000,000
0.270000

- 0.250000
FY 2020-21 ActualFY 2021-22 ActualFY 2022-23 Actual FY 2023-24 FY 2023-24 FY 2024-25
Budget YE Proj. Adopted Budget

O&M I&S TIRZ Total Rate

The Operations and Maintenance (O&M) rate is $0.247620/$100, which is a decrease from the FY 2023-
24 rate of $0.260403/$100. O&M revenue is anticipated to be $20,367,977 or 84.3% of property tax
collected. The General Fund property tax growth will increase by $410,770 or 2.05%. The interest and
sinking rate (I&S) is $0.043500/$100 and is a decrease from the FY 2023-24 rate of $0.051597/$100.
I&S revenue is anticipated to be $3,605,130, which is a decrease of $373,617 or 9.4%.

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