1 st Public Hearing Tax Rate FY2020 1 Property Tax Rate Approval - PowerPoint PPT Presentation

1 st Public Hearing Tax Rate FY2020 1

Property Tax Rate Approval Process Key Dates Council Action Tuesday, July 25 th Receipt of Certified Value from DCAD. Tuesday, Aug. 13 th Proposal to set date and time of public hearings. Friday, Aug. 16 th Publication of Notice of Proposed Tax Rate. Tuesday, Aug. 27 th First public hearing on tax rate. Second public hearing on tax rate; first public hearing Tuesday, Sept. 3 rd on budget. Tuesday, Sept. 10 th Adoption of FY2020 Budget and Tax Rate. Monday, Oct. 1 st Begin Fiscal Year. 2

Property Tax Values and Tax Rate Certified Assessed Value FY2020 ~$4.82B Current Certified Assessed Value FY2019 ~$4.73B Current Property Tax Rate FY2019 $.550000/100 Proposed Property Tax Rate FY2020 $.591133/100 3

Property Tax Rates FY2018 FY2019 FY2020 Effective $0.542963/100 $0.527064/100 $0.552371/100 (No-New-Revenue) Rollback $0.551854/100 $0.553323/100 $0.591133/100 (Voter-approval) Proposed $0.550000/100 $0.550000/100 $0.591133/100 4

Property Tax Revenues % Change FY2018 FY2019 FY2020 FY19 to Actual Budget Proposed FY20 General Fund (O&M) $15,904,272 $16,965,737 $19,136,678 12.8% Economic Development 1,026,898 1,081,534 1,103,081 2.0% Fund (O&M) Infrastructure Investment 268,640 282,788 288,421 2.0% Fund (O&M) Debt Service Fund (I&S) 6,632,005 6,751,908 6,966,638 3.2% Total Tax Revenue $23,831,815 $25,081,967 $27,494,818 9.6% 5

Property Tax Rates 0.70 0.60 0.15 0.50 0.20 0.14 0.20 0.15 0.22 0.18 0.21 0.22 0.18 0.16 0.40 0.30 0.44 0.20 0.41 0.40 0.38 0.38 0.38 0.36 0.36 0.35 0.34 0.34 0.10 0.00 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 O&M Debt * Rates are rounded to the nearest penny. 6

FY2020 Tax Rates - Comparison Cities 0.70 0.63 0.61 0.59 0.59 0.59 0.58 0.60 0.53 0.50 0.50 0.45 0.45 0.44 0.44 0.40 0.29 0.30 0.26 0.20 0.10 0.00 Median: 0.511585 *FY2020 Tax rates unavailable; Mean: 0.495737 FY2019 Tax rate presented. 7

FY2020 Tax Rates – Dallas County 1.20 0.99 1.00 0.84 0.83 0.80 0.79 0.78 0.77 0.76 0.74 0.73 0.72 0.72 0.70 0.69 0.69 0.68 0.67 0.66 0.80 0.63 0.61 0.59 0.59 0.59 0.58 0.60 0.51 0.44 0.41 0.40 0.35 0.29 0.26 0.23 0.20 0.00 Median: 0.682459 *FY2020 Tax rates unavailable; Mean: 0.634345 FY2019 Tax rate presented. 8

Impact on Average Homeowner FY2019 FY2020 Average Home Value $319,582 $331,280 Tax Rate 55.0000 59.1133 Annual Tax Bill $1,757.70 $1,958.30 Based on the average home value of $331,280, the average residential taxpayer would pay $200.60 (≈$16.71 per month) more than last year. 9

FY2020 Property Tax Rates Combined Addison 0.591133 22% Dallas County Dallas ISD* 0.243100 1.412035 9% 54% Parkland Hospital 0.269000 10% DCCC 0.124000 5% Combined Tax Rate *FY2020 Tax rates unavailable; $2.639268 FY2019 Tax rate presented. 10