The Flower Mound Town Council will hold a public hearing on the proposed property tax rate during Monday’s council meeting.
The proposed budget includes decreasing the property tax rate to $0.405000 per $100 valuation, a 7.22% reduction from the current property tax rate. The town council has already approved an increased homestead exemption, from 2.5% to 5%.
The proposed budget will raise $1.7 million less revenue from property taxes than last year’s budget. The town projects to spend more than $6 million than it brings in, but the majority of the difference is related to spending balances that have been previously collected in the dedicated sales tax funds for capital projects.
The proposed budget and tax rate are on the meeting agenda for council consideration. Once approved, they will go into effect Oct. 1.