The details
Council members unanimously approved a proposed tax rate of $0.5002 per $100 valuation for FY 2024-25. According to city documents, this rate is a decrease of 0.22% from the FY 2023-24 tax rate. The average home in Highland Village was valued at $524,284 in 2023 and $567,521 in 2024, which represents an increase in valuation of 8.25%. Should the proposed tax rate pass, the tax on that average home would increase 8% from $2,628.73 to $2,839.15.
Council also approved that same Sept. 10 date for a public hearing on the 2024-25 fiscal year budget.
Quote of note
“Two major tasks we have each summer is to approve a tax rate and a new budget,” Assistant City Manager Ken Heerman said. “This is part of that process where you establish a tax rate that you’re considering and then we set a public hearing at a later date to give people the opportunity to comment on that.”
