During a meeting Aug. 29, the council approved a tax rate of $0.16788 per $100 valuation, which is the same as the previous year. But the rate is technically a tax increase due to the increase in assessed property values in the town.
The approved tax rate was passed 5-0 in a roll-call vote.
Even the wording of the resolution had some council members making sure they understood the verbiage in case they are asked by a constituent what was meant by the tax raise.
The no-new-revenue property tax rate is $0.14609 per $100 valuation, which is the rate at which the town would generate the same amount of revenue as last year. By keeping the same tax rate, Westlake residents will see a bump of about 14.92% in their property taxes to the town.
No residents spoke during the public hearing on the tax rate.
The calculations for the tax rate were compiled using certified information from the Tarrant Appraisal District and preliminary numbers from the Denton Central Appraisal District.
Westlake’s property tax rate is split into two parts. The maintenance and operations, or M&O, tax rate is $0.10491 per $100 valuation, an increase from $0.10284 per $100 valuation. A decrease in the tax rate comes from the interest and sinking, or I&S, rate, which is $0.06297 per $100 valuation. That is a reduction of $0.00207 from the I&S rate for fiscal year 2021-22.
The town of Westlake will raise $492,829 more in property taxes this upcoming fiscal year using the same tax rate, according to officials.
