In a move that would reduce the town’s property tax rate to the lowest in 30 years, the Flower Mound Town Council on Monday night proposed to adopt a tax rate of $0.4390 per $100 valuation, approximately a penny less than the previous rate of $0.44971 per $100 valuation.
With the reduced rate, a resident with a home valued at $300,000 would save $32.13 per year.
The Town Council credits strong economic development performance and the commitment to conservative fiscal practices for providing the opportunity to lower the property tax rate.
“Looking at our comparison communities, Flower Mound was already in the bottom third when comparing property tax rates so this is really important that we were able to lower it even further,” said Flower Mound Mayor Tom Hayden.
“It is really amazing to see all the great things that have happened over the past couple of years in Flower Mound such as the recent credit rating improvement to AAA by Standard & Poor’s and the creation of 1,500 jobs. I’d like to thank our Town Council. We came together years ago with the common vision of growing our town’s economy and this is the fruition of working together to accomplish this goal. We’re really starting to hit our stride and there’s even more on the way.”
The town is required to hold two public hearings on the tax rate prior to considering final approval during the September 15 Town Council meetings. The two hearings are scheduled to occur during the Town Council meetings on August 18 and September 2.
If approved the new property tax rate will go into effect the 2014-2015 Fiscal Year, beginning October 1.