Property tax rates drop for fifth year in a row in Southlake

The property tax rate for the city of Southlake will drop for the fifth year in a row.

Southlake City Council unanimously approved the fiscal year 2022-23 tax rate of $0.36 per $100 valuation at its Sept. 20 meeting. This is a decrease from the FY 2021-22 rate of $0.39 per $100 valuation.

Southlake received its certified property values July 25 from the Tarrant and Denton appraisal districts. Values have risen from $10.889 billion in 2021 to $11.916 billion in 2022.

The average Southlake home sales price in the third quarter of FY 2021-22 is $1.4 million, an increase from FY 2020-21's price of $1.2 million, according to the city's finance webpage.

The decreased tax rate falls below the city's no-new-revenue rate of $0.364 to provide residents with tax relief, documents stated.

Tax relief will also come from a homestead exemption that will stay at 20% and will see a rate reduction of $0.03.

Homeowners of a house appraised at $100,000 will pay $30, or 7.7%, less this year than last year.

The largest portion of the $0.36 tax rate will support the general fund, also known as maintenance and operations, at $0.295 per $100 valuation. The remaining portion of the tax rate—$0.065 per $100 valuation—will pay off debt service during FY 2022-23.