The 2018-19 fiscal year will be the 9th year the Town has assessed a property tax. The proposed 2018-19 ad valorem tax rate change, not to exceed $0.15600 per $100, for the Town would continue to be the lowest for municipalities in the immediate area and Westlake will remain in the bottom 5% of ALL municipalities in the State.
The FY 2018-19 proposed ad valorem tax rate change is also lower than the first property tax rate of $0.16010 set back in 2010. Westlake also approved all allowable exemptions at their maximum during this time.
PROPOSED TAX RATE - $0.15600 per $100
PRECEDING YEAR'S TAX RATE - $0.13615 per $100
EFFECTIVE TAX RATE - $0.13551 per $100
ROLLBACK TAX RATE - $0.15618 per $100
As a reminder, the effective tax rate is the total tax rate needed to raise the same amount of property tax revenue for the Town of Westlake from the same properties in both the 2017 tax year and the 2018 tax year.
The rollback tax rate is the highest tax rate that the Town of Westlake may adopt before voters are entitled to petition for an election to limit the rate that may be approved to the rollback rate.