Southlake City Council Approves FY2025 Budget with Property Tax Rate Cut

Southlake, TX — The Southlake City Council has approved the filing of the City’s preliminary FY2025 budget, which includes a significant property tax rate cut aimed at offsetting rising property values assessed by the Tarrant Appraisal District. The new budget proposal reduces the property tax rate to the "no new revenue tax rate," marking another year of fiscal relief for Southlake’s property owners.

In addition to the tax rate reduction, the City is once again implementing the maximum 20% homestead exemption for residents. These combined measures will result in over $7 million being returned to Southlake’s residential and commercial property owners, providing much-needed relief in a time of increasing costs due to inflation.

“This property tax relief is a reflection of our commitment to supporting our residents and businesses,” said a city official. “Despite the rising costs of doing business, our city staff has worked diligently to ensure that we can provide this tax relief while maintaining the quality of services our community expects.”

The budget proposal and tax rate adjustments will be the subject of public hearings at the upcoming Southlake City Council meetings, scheduled for September 3 and September 17. Residents are encouraged to attend and participate in the discussion.

This latest tax cut follows a series of similar measures in recent years, underscoring Southlake’s dedication to fiscal responsibility and supporting its community in the face of economic challenges.

The City of Southlake thanks its staff for their hard work in making this tax relief possible and invites the public to stay engaged in the budget process.

Courtesy of the City of Southlake.