What you need to know
Approving this exemption will shift the potential property tax increase the city expects for fiscal year 2025-26 off of homeowners and onto commercial developments in the city, according to a presentation from council.
City officials are predicting a 7% increase in property taxes for the next fiscal year, which could bring $1 million in additional revenue for the city. This revenue would go toward a $750,000 compensation study, which will primarily help Colleyville staff recruit and maintain police officers and firefighters and keep up with competitive rates from nearby cities, Assistant City Manager Mark Wood said.
“We need this revenue to keep this type of great service that we have in our community,” Mayor Bobby Lindamood said. “We are blessed to be like we are; one of the top-three safest cities, and our response times for our fire department is under the national average.”
Diving deeper
With a homestead exemption of 14%, the average homeowner is predicted to save $2 on their property taxes since the last year.
If City Council chooses not to increase property taxes, the average homeowner could save $150 in property taxes since last year, Wood said. Additionally, commercial property owners are expected to pay $222 more in property taxes than 2024, he added.
This approval came before the budget and property tax adoption, which will occur in September.
Also of note
Colleyville City Council approved a contract with Legacy Signs of Texas at an amount not to exceed $195,000, a contingency amount not to exceed $20,000 and a materials testing amount not to exceed $35,440, which equates to $215,000 in total.
The first phase will consist of replacing the rules signs and monuments at City Park, Kimzey Park, The Colleyville Nature Center and Pleasant Run Parks.
Next steps for the project include a pre-construction meeting with city staff before a construction timeline is set, Assistant City Manager Adrienne Lothery said. The city will have a more solid idea of what the timeline will be in the next month, she added.
Phase 2 of the project will begin next year, Lothery said.
