Page 73 - CityofMansfieldFY25Budget

General Fund Revenue Composition
2024-2025 Budget

Permits Transfers Other
Fines & Fees 3% 5% 3%
2%
Franchise Tax
9%

Sales Tax Property Tax
21% 57%

Property Tax Revenue

Property tax accounts for approximately 57% of all revenue in the General Fund. In FY 2024-2025,
property tax revenue is budgeted at $56,549,824 which is an increase of 7.06% or $3,729,091 over the FY
2023-2024 budget. The increase in property tax is from an increase in existing property valuations and
new growth. It reflects a homestead exemption for residential homeowners as well as a tax rate decrease.
A 10% homestead was approved and implemented in FY 2020-2021. City Council approved a 2%
increase in both FY 2022-2023 and FY 2023-2024. For the FY 2024-2025 budget, City Council approved
an additional 2% homestead exemption, bringing the total to 16% for qualified Mansfield homeowners. In
2024, the average taxable value of a residential home increased approximately 11.86%. New construction
in 2024 was valued at approximately $507,167,268 or $3,271,229 in property taxes. New construction
activity in FY 2024-2025 is anticipated to stay on pace as economic conditions improve and commercial
and retail developments increase.

Average Home Taxable Value

73