Page 117 - TownofWestlakeFY25BudgetOrd1005

PROPERTY TAX OVERVIEW

Property tax (or Ad Valorem) remained flat at $0.16788 per $100 of assessed valuation. The rate is budgeted to
yield $4.1M in revenue for FY2025, which is a decrease of $72K from the prior year.

The tax rate is lower than both the no-new-revenue tax rate (formerly the effective tax rate) and the voter-
approval tax rate (formerly the rollback rate). The no-new-revenue rate is the total tax rate needed to raise the
same amount of property tax revenue for the Town of Westlake from the same properties in both the prior tax
year and current tax year. The voter approval rate is the maximum rate that could be levied before a general
election is triggered.

Due to increased valuations on existing property and continued new development, the Town has more than
doubled its property tax revenue in the last ten years. This has largely funded capital improvements throughout
Town, including on campus, and been necessary to meet rising costs across all sectors of spending.

Property Tax Revenue

4,500,000

4,000,000
3,500,000

3,000,000

2,500,000
2,000,000

1,500,000

1,000,000
500,000

0
2016 2017 2018 2019 2020 2021 2022 2023 2024* 2025*

Town of Westlake Property Tax Revenue from FY2016 – FY2025
Revenues per Adopted Budget.

This budget will raise more revenue from property taxes than last year’s budget by an amount of -$71,760,
which is a 1.73 percent decrease from last year’s budget. The property tax revenue to be raised from new
property added to the tax roll this year is $117,324.

The Town of Westlake complies with all truth-in-taxation laws to protect the public’s right-to-know about tax
rate decisions.

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