The Double Oak Town Council voted unanimously this week to lower the property tax rate for the fiscal year 2020-21.
The maximum proposed tax rate will be 0.229210, which is less than the no-new-revenue tax rate of 0.229212. According to a news release from the town, this means the town is not proposing to increase property taxes for the next fiscal year, following the tax reform of Texas Senate Bill 2.
“The council, our employees, our residents, our volunteers, our partners and our businesses recognize these are tough economic times and property tax relief is in order for our Double Oak residents and businesses,” said Mayor Mike Donnelly.
The final budget and tax rate will be formally voted on in September.