Southlake City Council approved the fiscal year 2025-26 budget and tax rate Sept. 16.
The new property tax rate, which decreased to $0.295 per $100 valuation from the 2024-25 fiscal year rate of $0.305 per $100 valuation, represents the eighth consecutive reduction and the lowest rate since the mid-1980s, according to city documents.
What happened: Chief Financial Officer Sharen Jackson provided a proposal to adopt the new property tax rate, which represents a decrease of $0.01 from the 2024-25 fiscal year rate, during the Aug. 19 City Council meeting.
Property taxes, also known as ad valorem taxes, make up 47.4% of the city’s revenue, according to city documents. While giving the first reading of the budget during the council’s regular Sept. 2 meeting, Jackson said the decreased property tax rate would equate to just under $1.4 million in revenue reduction.
“This is a deliberate choice reflecting our ongoing commitment to provide tax relief whenever possible while continuing to fund essential services,” Jackson said.
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