HomeMy WebLinkAboutBudget and proposed tax rate Presentation 08-27-18An increase of $0.01985
FY2018-19
Proposed rate is
08/27/2018 Town of Westlake Municipal Budget Workshop
Current Tax Rate is $0.13615
$0.15600
SLIDE 2
352 335
255 197 155 119
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
08/27/2018 Town of Westlake Municipal Budget Workshop
Effective Rate of .13551; hold rate flat thru FY22/23;
SLIDE 6
254
253 196
194
152
150
114
110
4%3%2%
Escalation of Net Taxable Value
352 345
275 227 196 169
FY 17/18
Estimated
FY 18/19
Proposed
FY 19/20
projected
FY 20/21
projected
FY 21/22
projected
FY 22/23
projected
08/27/2018 Town of Westlake Municipal Budget Workshop
Proposed Rate of .15600; hold rate flat thru FY22/23;
SLIDE 7
274
273 226
224
192
189
164
158
4%3%2%
Escalation of Net Taxable Value
08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 26
FY 2018 FY 2017 increase
Average home $1,250,000 $1,250,000
20% homestead -$250,000 -$250,000
Net taxable $1,000,000 $1,000,000
Proposed rate 0.15600 0.13615 0.01985
Tax Payment $1,560 $1,362 $199
08/27/2018 Town of Westlake Municipal Budget Workshop SLIDE 3
CARROLL ISD Property
Value Exemption
Net
Taxable
Value
Taxing
Rate
Tax
Amount
Percent of
Tax Bill
037 -Town of Westlake 1,250,000 -250,000 1,000,000 0.15600 $1,560 6.0%
220 -Tarrant County 1,250,000 0 1,250,000 0.24400 $3,050 11.7%
224 -JPS Health Network 1,250,000 0 1,250,000 0.22429 $2,804 10.7%
225 -Tarrant County College 1,250,000 0 1,250,000 0.14006 $1,751 6.7%
919 -Carrol ISD 1,250,000 -25,000 1,225,000 1.38500 $16,966 64.9%
Total $26,131 100%
KELLER ISD Property
Value Exemption
Net
Taxable
Value
Taxing
Rate
Tax
Amount
Percent of
Tax Bill
037 -Town of Westlake 1,250,000 -250,000 1,000,000 0.15600 $1,560 5.6%
220 -Tarrant County 1,250,000 0 1,250,000 0.24400 $3,050 11.0%
224 -JPS Health Network 1,250,000 0 1,250,000 0.22429 $2,804 10.1%
225 -Tarrant County College 1,250,000 0 1,250,000 0.14006 $1,751 6.3%
907 –Keller ISD 1,250,000 -25,000 1,225,000 1.52000 $18,620 67.0%
Total $27,784 100%
Homestead Exemption
–This is an exemption offered by the Town which reduces the taxable value of all homes by 20%, which is the maximum amount allowed under the law.
Additional 65+ or Disabled Exemption
–A $10,000 exemption on the taxable value of homes of 65+ or disabled residents. (This is one or the other, not both).
Homestead Tax Ceiling
–Limits the total amount of taxes residents who are 65+ or disabled pay so that in future years their taxes will not increase beyond what they are currently paying.
–Any resident that was 65 when Westlake adopted its ad valorem rate, will not p ay any municipal ad valorem taxes due to this tax ceiling.
–If a resident turned 65 this year, then the amount they paid this year in municipal ad valorem taxes would remain fixed at that amount. They will not pay more, but could potentially pay less if taxes are lowered.
08/22/2018 Town of Westlake Municipal Budget Workshop SLIDE 26
08/15/2018 Town of Westlake Municipal Budget Workshop
Effectives Tax Rates FY10/11 through FY17/18; Proposed FY18/19
SLIDE 12
0.15620 0.13835 0.14197 0.13907 0.13710 0.13947 0.12882 0.11133
0.13193
0.00390
0.01849 0.01487 0.01777 0.01924 0.01687
0.00813 0.02482
0.02407
$0.00
$0.02
$0.04
$0.06
$0.08
$0.10
$0.12
$0.14
$0.16
$0.18
FY10/11
.16010
FY11/12
.15684
FY12/13
.15684
FY13/14
.15684
FY14/15
.15634
FY15/16
.15634
FY16/17
.13695
FY17/18
.13615
FY18/19
.15600
General Fund Debt Service
08/15/2018 Town of Westlake Municipal Budget Workshop SLIDE 13
$1.227 $1.272 $1.237 $1.198 $1.257 $1.318 $1.483 $1.319
$1.577
$0.031
$0.170 $0.130 $0.155 $0.176 $0.161
$0.095 $0.266
$0.288
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
FY10/11
.16010
FY11/12
.15684
FY12/13
.15684
FY13/14
.15684
FY14/15
.15634
FY15/16
.15634
FY16/17
.13695
FY17/18
.13615
FY18/19
.15600MillionsGeneral Fund Debt Service
Actuals FY10/11 through FY17/18; Proposed FY18/19
Today’s discussions doesn’t set rate
Would set two additional public hearings
to consider ad valorem rate
Proposed ad valorem rate is .15600
08/27/2018 Town of Westlake Municipal Budget Workshop SLIDE 1
Proposed Public Hearing Dates
-September 10, 2018
(regular Board of Trustees date)
-September 19, 2018
Budget Adoption –Set Tax Rate
-September 24, 2018
08/27/2018 Town of Westlake Municipal Budget Workshop SLIDE 1