Southlake Mayor, Laura Hill announced yesterday that Southlake will receive its first tax rate decrease since 1996. The reduction of 1.5 cents brings the tax rate to $0.447 – one of the lowest tax rates in the Dallas-Fort Worth area. Homeowners will also maintain the city’s 20% homestead exemption, offering qualifying homeowners an equivalent tax rate of $0.357 for the average valued Southlake home. If low tax rates didn’t already make Southlake an attractive choice for potential homebuyers, the city’s excellent financial rating, outstanding services, and exciting future projects will certainly add to its draw.
Mayor Laura Hill broke the welcome news in a Facebook post detailing Southlake’s financial plan:
“20% is the cap set by the State and we are thrilled to continue to offer that tax break and add a tax rate decrease. Please remember that Southlake has a AAA financial rating even while experiencing major growth over the last 20 years. Your tax dollars (both property and sales tax) have allowed the city to pay cash for large road and intersection projects as well as police and fire departments, The Marq phase 1, Bicentennial park, North Park, beautiful public spaces and the new tennis center. That sound financial plan is paying off because now as our growth is slowing, we are not saddled with debt and can continue to pass tax savings on to you while maintaining the standards you should expect. I appreciate that other city’s choose to do things differently but I think most would agree that Southlake has a lot to be proud of. Our mix of neighborhoods, parks, open spaces and high-end retail and business is pretty darn incredible. Public hearings on the budget will be held in September at our regularly scheduled Council meetings.”
Read more about the proposed budget and tax rate changes here.
Southlake’s City Staff, Council, and Mayor are committed to Southlake’s financial management. With their persistence and expertise in financial planning, Southlake has developed into a highly desirable place to live. If you are thinking of moving to Southlake and interested in luxury real estate, contact our sales team today to find out more about The Parkview Residences. Our experienced team will be able to answer any of your questions, and are happy to discuss the countless advantages to life within Southlake Town Square.