Property Tax

On September 13, 2021, the fiscal year 2022 ad valorem tax rate was adopted at $0.16788 per $100 - the same property tax rate as last year, marking the 12th consecutive year the Town has assessed a local property tax.  Westlake strives to hold its property taxes as low as possible for our residents and stakeholders and proposes to maintain the same rate of $0.16788 per $100 for the upcoming 2023 fiscal year.

 

Since the proposed fiscal year 2023 ad valorem tax rate is higher than this year's No-New Revenue (NNR) rate by a difference of $0.02137, it is still considered a tax increase.  The proposed tax rate is greater than the Voter-Approval tax rate but not greater than the De Minimis rate. However, the proposed tax rate exceeds the rate that allows voters to petition for an election under Section 26.075, Tax Code. If the Town of Westlake adopts the proposed tax rate, the qualified voters of the Town of Westlake may petition the Town of Westlake to require an election to be held to determine whether to reduce the proposed tax rate. If a majority of the voters reject the proposed tax rate, the tax rate of the Town of Westlake will be the Voter-Approval tax rate of the Town of Westlake. This notice of increase is a requirement of the Texas Property Tax Reform and Transparency Act of 2019 (Senate Bill 2). For more information, you may find this Truth in Taxation flyer helpful regarding this act and more, provided by the Texas Comptroller's Office. 

 

It is important to note the Town of Westlake has approved all allowable exemptions for our property owners with applicable categories set at their maximum, including a tax rate freeze option. Property owners in Westlake will also notice additional savings on their ad valorem tax bills for the Additional Sales & Use rate of 1/2 % Town Council elected to enact, also known as the Property Tax Reduction rate.  Thus, this portion of sales & use taxes collected is directly allocated to lower Westlake property taxes by including it in the annual tax rate calculations.  

 

This budget will raise more total property taxes than last year’s budget by $492,829 or 18.16%, and of that amount, $111,143 is tax revenue to be raised from new property added to the tax roll this year. 

 

Notice of Public Hearing on Tax Increase

 

Notice about 2022 Tax Rates

 

2022 Tax Calculations Worksheets

 

 

PROPOSED (2022 Tax Year) PROPERTY TAX RATE - $0.16788 per $100     (M&O rate=$0.104910; I&S rate=$0.062970)

 

PRECEDING YEAR'S TAX RATE (2021 Tax Year) - $0.16788 per $100        (M&O rate=$0.10284; I&S rate=$0.06504)

 

NO-NEW REVENUE TAX RATE - $0.14609 per $100

The no-new-revenue tax rate is the tax rate for the 2022 tax year that will raise the same amount of property tax revenue for the Town of Westlake from the same properties in both the 2021 tax year and the 2022 tax year. 

 

VOTER-APPROVAL TAX RATE - $0.15098 per $100

The voter-approval rate is the highest tax rate that the Town of Westlake may adopt without holding an election to seek voter approval of the rate, unless the de minimis rate for the Town of Westlake exceeds the voter-approval rate for the Town of Westlake. 

 

DE MINIMIS RATE - $0.17939 per $100

The de minimis rate is the rate equal to the sum of the no-new-revenue maintenance and operations rate for the Town of Westlake, the rate that will raise $500,000, and the current debt rate for the Town of Westlake. 

 

The proposed tax rate is greater than the no-new-revenue tax rate. This means that the Town of Westlake is proposing to increase property taxes for the 2022 tax year.

 

For more information about your property tax bill, please contact the Tarrant County Tax Assessor-Collector or the Denton County Tax Assessor / Collector offices for assistance.