Almost daily, Southlake residents invest in our City Southlake, and we thank you for your trust. Take a look at how the City puts that money to work and how we’ve managed your taxes responsibly. Our goal is to build and maintain the community of your dreams while carefully managing costs. We are planning today for our City’s tomorrow.
Southlake was built with an eye towards the future. Town Square, each neighborhood, parks, streets, water, even sewer are all part of a comprehensive plan for a sustainable City that adapts to change but keeps its character. Each year, the Council has implemented a series of master plans with the City’s budget, methodically funding desired projects while adhering to established financial guidelines to ensure a secure and stable financial situation. As a result, the City enjoys a AAA bond rating and has been able to lower the property tax rate to a historic low. Residents also benefit from a 20% homestead exemption (the highest level permitted by law), special purpose (voter-approved) sales taxes used for specific programs and services, and yes, even very low debt. All of this works together to provide high-value municipal services as part of our plan.
State law requires a taxing unit to calculate two rates after receiving its certified appraisal roll – the no new revenue tax rate and the voter-approved tax rate. The no new revenue rate is the rate that will generate the same amount of property tax dollars as the previous year, excluding new construction and annexations, when the two years are compared. The voter-approval tax rate is the highest tax rate a taxing unit can adopt without holding an election. The rates are given per $100 of the property value:
For a comprehensive explanation of how the rates were calculated, please click here.