Need another reason to consider purchasing a home at The Parkview Residences? The City of Southlake just passed a resolution to reduce its property tax rates.
Southlake Mayor Laura Hill explained the details after the Council announced its decision on August 6:
“Great news Southlake! The largest tax rate cut since the 1980s, plus the maximum homestead exemption of 20% below the effective rate.
This evening Council discussed next year’s budget, including setting a responsible tax rate. We are proceeding with the highest property tax reduction in three decades, with plans to lower the tax rate by 3.7 cents and reduce residential property taxes with the 20% homestead exemption (highest allowed by state law). These two relief efforts mean residents will pay a tax rate equivalent to $0.328 cents (average valued home).
When adopted, the tax rate will be reduced from $0.447 cents per $100 valuation to $0.41 cents. Although this will result in $2.9 million less City revenue, we are able to make the change because we’ve reduced tax-supported debt by 53% since 2010. And we’ve carefully managed the operational spending associated with this tax.
The 20% exemption is a continuation of previous efforts. We began implementing a homestead exemption in FY 2009 and worked our way to the maximum as a way of targeting relief to residential taxpayers.
This year’s tax cuts will mark the 8th year in a row Council has offered residential taxpayers property tax relief.
Our goal is tax relief balanced with the ability to provide great service, pay cash for projects (rather than taking on new debt), and address future needs.
When new value is added to the tax rolls, it provides the funds needed to pay cash for roads, sidewalks, facilities, and equipment saving us future interest costs. And we are able to make sure we have a sustainable financial plan going forward.”
Southlake Councilman Dr. Shahid Shafi echoed the Mayor’s excitement on Facebook, writing “No cuts in services. No new debt. This will be a huge win for all taxpayers.”
Have you considered relocating to Southlake? This vibrant metropolis is full of thriving businesses and an expanding infrastructure, with the enduring charm of a tight-knit community full of hardworking, neighborly folks. Located in the heart of Southlake Town Square, The Parkview Residences are Southlake’s first – and only – condominium offering. Contact us to learn more about ownership opportunities and why we love being a part of this great community.