Page 118 - TownofWestlakeFY25BudgetOrd1005

PROPERTY TAX RATE

Property tax is the fourth largest revenue source for the Town of Westlake. The rate levied is required to be
adopted in two parts:

M&O: The Maintenance & Operations rate is set to raise the funds necessary to support the general operations
of the Town and is budgeted only within the General Fund. The M&O portion is budgeted to provide $2.8M in
General Fund revenue.

I&S: The Interest & Sinking rate is the minimum rate set to provide for the Town’s debt service requirements
for the upcoming fiscal year. This rate accounts for principal and interest on bonds and other debt secured by
property tax revenue. The I&S portion is budgeted to provide $1.2M

Tax Rate Change FY2024 FY2025 Variance
Adopted Adopted
M&O $ 0.09117 $ 0.11788 $ 0.02671
I&S $ 0.07671 $ 0.05000 $( 0.02671)
Total $ 0.16788 $ 0.16788 $ 0.00

The Town of Westlake paid off a tax note during FY2024 and was able to move that portion of the I&S rate to
the M&O portion to adequately fund the General Fund obligations without passing along a rate increase to its
constituents. The overall rate remains one of the lowest within the State of Texas.

Ad Valorem Tax Rate

0.18000
0.16000
0.01687 0.04298 0.04298
0.14000 0.02399 0.04565 0.05000
0.00813 0.06504 0.07671
0.12000 0.02482
0.10000

0.08000 0.15634 0.15600 0.16018 0.16788 0.16788 0.16788 0.16788 0.16788
0.13695 0.13615
0.06000
0.04000

0.02000
0.13947 0.12882 0.11133 0.13201 0.11453 0.12490 0.12490 0.10284 0.09117 0.11788
0.00000
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
M&O I&S
Ad Valorem Tax Rates from Tax Year 2015 – Tax Year 2024
Tax Years are the full calendar year during which the first quarter of the fiscal year falls

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