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EDUCATIONAL INFORMATION FOR RESIDENTS Over Age 65/Disabled Property Tax Freeze Special Election, Saturday, May 13, 2006 Special Election Dates. Early Voting Dates: Monday, May 1- Tuesday, May 9; Election Day: Saturday, May 13'h. Each elector is to vote "FOR" or "AGAINST" the following proposition: "THERE SHALL BE A CITY OF WIlVDCREST AD VALOREM TAX LIMITATION ON RESIDENCE HOMESTEADS OF DISABLED PERSONS AND PERSONS SIXTY-FIVE (65) YEARS OF AGE OR OLDER AS AUTHORIZED BY ARTICLE VIII, SECTION 1-b(h) OF THE TEXAS CONSTITUTION" 2. The tax freeze ONLY applies to Windcrest taxes which represent about 12% of your total tax bill. • This election will not affect the 88% of your tax bill which goes to NEISD, Flood, ACCD, Bexar Countv, Hospital District and River Authoritv • Note: the 88% and 12% figures may vary if the resident's school tax is already frozen. 3. What is each eligible resident's savings if the tax freeze is approved? A savings could be obtained in two ways: • Tax Rate Increase: For example, a one-cent increase (e.g. from current $0.412622 to $0.422622) would change your City tax bill (on average home evaluation of $137,751) from $568.39 to $582.17 or $13.78 per year or $1.15 per month. Thus, an over 65/disabled resident would save $1.15 a month for each one cent increase in the tax rate. o This one-cent increase would have provided the City with an additional $36,513 in revenues. • Home Appraisal Value Increase: For example, let's say your home's appraised valuation increases b 3 000. Your City tax bill would increase by $12.38 per year or $1.03 per month (calculation: $0.412622 x$3000/$100 valuation =$12.38 divided by 12 months =$1.03). Thus with taxes frozen, an eligible resident would save $1.03 per month. 4. What will be the impact on the Citv of Windcrest's revenues? • The tax freeze will reduce tLe City's property tax revenues by $3,037,700 durine the next nine (9) vears (2007-2015). The Bexar Appraisal District provided this analysis using historical data on tax rate, appraisal valuation increases, and the number of over age 65 households. NOTE: This analysis did NOT use in its calculation the approximate 8-cent tax increase for the special Interest & Sinking Fund started in 2005 for the $4.2 million Street Repairs Project. • Although the City's revenue loss grows cumulatively over the 9-year period, if one calculates a yearly average, then the loss amounts to an average of $337,522 per vear. 5. What effect would the average annual loss of $337 522 have on City services? Effects/factors include: • Budget expenditures could be reduced. For example, employees could be cut. Services could be reduced. • Property taxes could be raised. Any increase after a freeze would impact those under the age of 65 years more than those over 65/disabled. • In the Budget, sales tax revenues into the City's General Fund for daily operations have continued to decline at about $100,000 per year for the last five years. Other sales tax revenues (street maintenance, economic development corporation, and crime prevention) are special use revenues. • Windcrest is a land-locked city and can not expand its size to be able to attract new homes, additional businesses, industrial parks, or other revenue-producing entities. • Currently it is uncertain as to whether the revitalization of Walzem Road and development of a Windcrest Town Center will be successful. • Some added revenues will come from construction of new homes in Winn Brook Estates and The Gardens of Windcrest. After complete build out and entry on the appraisal rolls in 2008-9, these - 00002 %