Highland Village City Council votes to lower property tax rate

Post Ad – Top
Highland Village City Hall. Photo by Bill Castleman

The Highland Village City Council held a record vote Tuesday night to lower the property tax rate.

The proposed ad valorem tax rate will go from $0.56963 to the rollback rate of $0.568022, according to a city news release.

The council is required to hold the record vote to place the tax rate proposal on the agenda of a future meeting and hold two public hearings. Council will set the tax rate for the fiscal year 2017-2018 budget, which can be lower than the rollback rate but not greater than the rate included in the vote, at a future meeting, according to the news release.

Also effective for the 2017 tax year is the increased exemption amount from $50,000 to $75,000 for homeowners over 65 and disabled residents. The exemption will benefit about 22 percent of Highland Village homeowners and it’ll save them an average of $427 annually.

Assessed valuations came in at an overall 6 percent increase. The proposed base General Fund Budget expenditures total $16,692,194, a 2 percent increase over last year. A Supplemental Budget totaling nearly $600,000 is also included, resulting in a total increase of 4 percent.

The public hearings will be held on August 22 and September 12, according to the city.

About The Author

Mark Smith

Mark Smith is the Digital Editor of The Cross Timbers Gazette.

Related posts