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Budget 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