Page 7 - TownofWestlakeFY25BudgetOrd1005

PROPERTY TAX

The municipal property tax rate (or ad valorem rate) will maintain the current adopted rate of $0.16788 per
100 of assessed valuation. This rate is lower ( by $0.020635) than the no-new-revenue rate ( formerly the
effective tax rate”), which is the total tax rate needed to generate the same amount of property tax revenue
for the Town from the same properties between the 2024 tax year and the 2025 tax year.

This budget adheres to direction the Council gave to stabilize our ad valorem rate, monitor expenditures, and
pause major capital expenditures while the program is evaluated. These directives help ensure we plan for the
Town’s financial stability and are better prepared to meet the service delivery expectations of our community.
Our approach to both revenue estimating and expenditure requests continue to proceed in a fiscally
conservative manner without raising the rate for our property owners and still allow Westlake the ability to
exceed expectations of our residents.

The ad valorem tax is allocated between Maintenance and Operations ( M&O) in the General Fund and Interest
and Sinking ( I&S) debt service for the Town. The allocation for M&O is $0.11788 and the projected revenue
totals $2.8M. The allocation for I&S debt service is $0.05000 and the projected revenue totals $1.2M. Please
see the tax rate change below:

Tax Rate Change FY24 FY25
Adopted Proposed Variance
M&O $ 0.09117 $ 0.11788 $ 0.02671
I&S $ 0.07671 $ 0.05000 ($ 0.02671)
Total $ 0.16788 $ 0.16788 $ 0.00

Westlake has experienced rising values due to the market conditions over the past few years. For tax year 2024,
the valuations continued to rise, but not at the rate previously experienced.

Appraised Value v. Taxable Value
shown in billions

3.50
3.00

2.50
2.00
1.50
1.00
0.50
0.00
FY21 FY22 FY23 FY24 FY25
Appraised Value Taxable Value

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