Page 366 - CityofWataugaAdoptedBudgetFY25
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Fiscal Year 2024-2025
Summary of Property Tax Revenue & Distribution
FY2024-2025
NET TAXABLE VALUE TOTAL
Total Appraised Value as of July 25, 2024 2,508,223,649
Less:
Absolute Exemption (83,184,496)
Cases Before ARB (44,954,330)
Incomplete Accounts (18,513,451)
Disabled Veteran (18,918,952)
Over 65 (69,069,046)
Homestead
Disabled Persons Over65 (2,766,668)
Freeport Inventory Value Loss
Pollution Control (72,955)
Solar & Wind Powered Devices (1,162,093)
Nominal Value Accounts (134,080)
Miscellaneous Personal Property (6,579,526)
Property Damaged by Disaster
In Process (65,393)
Total Reduction to Values (245,420,990)
NET TAXABLE VALUE (CERTIFIED) AT JULY 25,2024 2,262,802,659
Add:
Estimated Minimum ARB protested values 31,120,131
Estimated Minimum Incomplete Property Values 9,182,168
Estimated Minimum Value of In Process Properties 0
ESTIMATED NET TAXABLE VALUE AT JULY 25, 2024 $ 2,303,104,957
ESTIMATED PROPERTY TAX COLLECTIONS: GENERAL (M&O) DEBT SERVICE (I&S)
Estimated Net Taxable Value 2,303,104,957
Less: Tax Ceiling Taxable Values (361,075,580)
Net Taxable Values 1,942,029,377
Proposed Tax Rate per $100 Valuation 0.361051 0.209149 0.570200
Estimated Total Tax Levy at 100% Collection 7,011,716 4,061,735 11,073,452
Less: Estimated Uncollectable (10,518) (10,518)
Less: Estimated I&S Uncollectable (.15%) (6,093) (6,093)
Estimated Revenue from Property Tax 7,001,199 4,055,642 11,056,841
Estimated Revenue from Property Tax 7,001,199 4,055,642 11,056,841
Plus: Tax Ceiling Account Revenue (not included in tax rate calc) 734,376 353,588 1,087,964
Less: Estimated Uncollectable (.15%) (1,102) (1,102)
Less: Estimated I&S Uncollectable (.15%) (530) (530)
ESTIMATED PROPERTY TAX DISTRIBUTION $ 7,734,473 $ 4,408,700 $ 12,143,173
BUDGET LINE ITEMS
Ad valorem Taxes $ 7,734,000 $ 4,403,000 $ 12,137,000
Delinquent/Penalties and Interest $ 66,000 $ 22,000 $ 88,000
TOTALS $ 7,800,000 $ 4,425,000 12,225,000
Prior year totals (calculated from Certified July 20, 2023) $ 7,194,500 $ 4,171,000 11,365,500
Additional Revenues in budget from Property Taxes FY2024-2025 $ 605,500 $ 254,000 859,500
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