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HomeMy WebLinkAbout2nd Property Tax Public Presentation 09-09-19Fiscal Responsibility Educational Leaders Sense of Community Planned & Responsible Development Preservation of our Natural Beauty Informed Engaged Citizens Strong Aesthetic Standards Innovative Transparent Integrity Driven Government Family Friendly & WelcomingAligning the Values of Westlake 1 $1.6M Average Home Value $54 Per Year Impact (on average) $4.50 Per Month Impact 2 •General Fund •Operating Days (Fund Balance Days) •Sales & Use Tax •Development Fees 3 Property Tax Rate per $100 Assessed Valuation 4 5 FY2019-20 Proposed tax rate is Current Tax Rate is $0.15600 $0.16018 6 7 FY 2020 FY 2019 Variance Average home $1,600,000 $1,600,000 20% homestead -$320,000 -$320,000 Net taxable $1,280,000 $1,280,000 Proposed rate 0.16018 0.15600 0.00418 Tax Payment $2,050 $1,996 $54 8 CARROLL ISD Property Value Exemption Net Taxable Value Taxing Rate Tax Amount Percent of Tax Bill 037 -Town of Westlake 1,600,000 -320,000 1,280,000 0.16018 $2,050 6% 220 -Tarrant County 1,600,000 0 1,600,000 0.23400 $3,744 11% 224 -JPS Health Network 1,600,000 0 1,600,000 0.22449 $3,592 11% 225 -Tarrant County College 1,600,000 0 1,600,000 0.14006 $2,241 7% 919 -Carroll ISD 1,600,000 -25,000 1,575,000 1.38100 $21,751 65% Total $33,378 100% KELLER ISD Property Value Exemption Net Taxable Value Taxing Rate Tax Amount Percent of Tax Bill 037 -Town of Westlake 1,600,000 -320,000 1,280,000 0.16018 $2,050 6% 220 -Tarrant County 1,600,000 0 1,600,000 0.23400 $3,744 11% 224 -JPS Health Network 1,600,000 0 1,600,000 0.22449 $3,592 11% 225 -Tarrant County College 1,600,000 0 1,600,000 0.14006 $2,241 7% 907 –Keller ISD 1,600,000 -25,000 1,575,000 1.4084 $22,182 65% Total $33,809 100% 10 Town of Westlake 6% ISD 65% County 11% JPS Health & TCC 18% 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 adjusted its ad valorem rate in 2010, will not pay 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. 11 12 1.Dependent on sales/use taxes and development fees for the largest portions of revenue 2.Revenue streams fluctuate year to year 3.Service demands growing as community is growing 4.Financial stability is important 13 Sales & Use Tax 38% Development Permits & Fees 38% Property Tax 12% Franchise Fees Court Fines & All Other 12% 14 15 16 17 18 $2,301,137 Proposed Tax Levy 1,870,604 Prior Year Tax Levy $430,533 Additional Funds (253,533) New Improvements $170,000 Net Gain 19 Rates Tax Levy FY19/20 Proposed Rate .16018 $2,067 FY 18/19 Adopted Rate .15600 2,013 Variance .00410 $ 54 Approximately $4.50 a month 20 21 Shown in millions 22 23 Total $27,651,836 MUNICIPAL ACCOUNTS 11 YEAR TOTAL General –Contributions $ 145,193 Capital Projects/Items –Municipal 9,111,752 Capital Project/Items –Academic 5,483,188 Public Art Donations 45,000 TOTAL $ 14,785,134 WESTLAKE ACADEMY and WESTLAKE ACADEMY FOUNDATION 11 YEAR TOTAL Admin Teacher Grants $ 563,154 External Grants (from donations)15,665 Blacksmith 8,794,746 Capital Campaign 1,197,336 Bradley/Quinn/ Grants 27,546 Fund-An-Item (Gallery Night/Baja)1,044,047 WAF Endowment Contributions 1,159,683 HOC/WACC Grants 64,525 TOTAL $12,866,702 24 Direct Service Delivery •Fire –EMS •Building & Development •Municipal Court •Public Works •Parks and Trails •Educational Services •Police (contracted with provider) Shared Service Delivery •Finance •Communications •Town Secretary •Facilities & Maintenance •Information Technology •Human Resources •Administration / Customer Service 25 26 Conservative Financially Concentrate on quality of life for residents Leverage partnerships for service provision Cost-sharing with other municipalities/county Cost-sharing or maintenance agreements with stakeholders Analysis of current and future conditions 27 28 $3,938 Total Tax if no PTR 1,871 Sales Tax Rate Savings $2,067 Total Tax Payable 29 FY2019-20 Proposed rate $0.16018 $54 per year per $1.6M valuation 30 Today’s hearing does not set the tax rate The vote on the proposed tax rate will take place on Monday, September 23, 2019 at 5:00 p.m. in the first floor Council Chambers of the Town Hall located at 1500 Solana Blvd., Bldg. 7, Suite 7100, Westlake, TX 76262. 31