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

1st Public Hearing Tax Rate FY2020

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Property Tax Rate Approval Process

Key Dates Council Action Tuesday, July 25th Receipt of Certified Value from DCAD. Tuesday, Aug. 13th Proposal to set date and time of public hearings. Friday, Aug. 16th Publication of Notice of Proposed Tax Rate. Tuesday, Aug. 27th First public hearing on tax rate. Tuesday, Sept. 3rd Second public hearing on tax rate; first public hearing

• n budget.

Tuesday, Sept. 10th Adoption of FY2020 Budget and Tax Rate. Monday, Oct. 1st Begin Fiscal Year.

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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

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Property Tax Rates

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

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Property Tax Revenues

FY2018 Actual FY2019 Budget FY2020 Proposed % Change FY19 to FY20 General Fund (O&M) $15,904,272 $16,965,737 $19,136,678 12.8% Economic Development Fund (O&M) 1,026,898 1,081,534 1,103,081 2.0% Infrastructure Investment Fund (O&M) 268,640 282,788 288,421 2.0% 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%

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Property Tax Rates

0.34 0.35 0.38 0.36 0.36 0.34 0.38 0.38 0.40 0.41 0.44 0.16 0.18 0.20 0.22 0.21 0.22 0.20 0.18 0.15 0.14 0.15 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 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

0.63 0.61 0.59 0.59 0.59 0.58 0.53 0.50 0.45 0.45 0.44 0.44 0.29 0.26 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70

Median: 0.511585 Mean: 0.495737

*FY2020 Tax rates unavailable; FY2019 Tax rate presented. 7

FY2020 Tax Rates – Dallas County

0.99 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 0.63 0.61 0.59 0.59 0.59 0.58 0.51 0.44 0.41 0.35 0.29 0.26 0.23

0.00 0.20 0.40 0.60 0.80 1.00 1.20

Median: 0.682459 Mean: 0.634345

*FY2020 Tax rates unavailable; 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.

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FY2020 Property Tax Rates Combined

Addison 0.591133 22% Dallas County 0.243100 9% Parkland Hospital 0.269000 10% DCCC 0.124000 5% Dallas ISD* 1.412035 54%

Combined Tax Rate $2.639268

*FY2020 Tax rates unavailable; FY2019 Tax rate presented. 10