Page 20 - Approved Annual Budget FY 2019-2020_Flat

Current Property Tax
Current property taxes represent 34% of General Fund revenues and transfers-in. The property tax rate increased
to 49.57¢ per $100 valuation after a recent Bond election that was approved by the Citizens of McAllen to
undertake some major projects while the certified taxable assessed value plus properties under protest, which is
determined by the Hidalgo County Appraisal District, increased 6.03% from last year. Of the increase, new
improvements and/or annexed property which represents 5.97%. The tax rate of 44¢ is allocated to and for
General Fund operations (the M&O rate) and the balance of 5.6¢ is for general obligation debt requiring
repayment from property taxes. The $47.9M budgeted for collection of current property tax increased due to the
moderate increase in values and new improvements. The increase was determined, as shown in the table below:

DETERMINATION OF PROPERTY TAX LEVY AND ESTIMATED COLLECTION

FY 2019-20 Compared to FY 2018-19

--- In Millions -- Increase/Decrease

FY 2019-20 FY 2018-19 Amount %

Certified Taxable Value $10,303 $9,731

Properties Under Protest .065 .048

Certified Taxable Value plus Properties Under Protest $10,369 $9,779 $590 6.03%

Certified Taxable Value of Freeze Properties (those
personal residential properties for which the tax levy has
been frozen due owner receiving “over-65 and/or (.838) (.783)
disabled” eligibility)

Certified Taxable Value plus Properties Under Protest of $9,531 $8,996
Non-Freeze Properties

Tax Rate $.4957/$100 $.4792/$100

Tax Levy on Non-Freeze Properties $47.243 $43.110 $4.133 9.59%

Tax Levy on Freeze Properties $4.154 $3.754 $.400 10.66%

Total Tax Levy $51.397 $46.864 $4.533 9.67%

Collection Rate 96.5% 96%

Budgeted Current Property Tax Revenue $47.919 $44.416 $3.503 7.89%

Dedicated for I&S (Debt Service Fund) $5.154 $3.503

Dedicated for M&O (General Fund) $42.765 $40.913 $1.852 4.53%

Executive Summary Page ix