The Flower Mound Town Council on Monday night voted unanimously to raise its homestead exemptions in a continued effort to give a bit of property tax relief to town residents.
The standard residential homestead ad valorem tax exemption was raised from 10% to 12.5% with the vote, which would save the average homeowner about $61 in annual property tax, according to the town. The council also voted to raise the exemption for residents who are disabled or 65 or older each from $100,000 to $150,000.
Property taxes have been a priority for council members for the last five years. The council approved an exemption of 2.5% in 2018, then raised it to 5% in 2021 and 10% last year.
The tax rates will become effective with FY 2023-24.
 GIF.gif)
