Southlake residents will see a property tax rate decrease for the sixth consecutive year.

In a nutshell

Southlake City Council approved the fiscal year 2023-24 budget at its Sept. 19 meeting.

The budget includes more tax relief, cash-funded capital projects, and more safety and security investments.

The new property tax rate of $0.319 per $100 valuation is the lowest rate since the mid-1980s, according to city officials. The city’s FY 2022-23 tax rate is $0.36.

The homestead exemption will remain at 20%, which is the maximum allowed by law. This reduces the taxable value by $201,479 based on the average appraised Southlake home, Chief Financial Officer Sharen Jackson said.

The $0.319 tax rate is split between the general fund operations and debt service, according to the budget document. The allocation for the upcoming fiscal year is $0.264 for general operations and $0.055 for debt service.

City staff is estimating $28,140,607 in property tax revenue, an estimated 4.3% increase from the FY 2022-23 budget, according to the budget document.

The new fiscal year begins Oct. 1.

What else?

The $127 million total budget is an 8.9% increase from the FY 2022-23 budget, according to budget documents. Funding priorities listed in the FY 2023-24 budget include:
  • $31.3 million for public utilities operations and maintenance
  • $761,000 for facility maintenance, which includes $174,000 for HVAC upgrades at Southlake Town Hall and $215,000 for flooring replacement at DPS headquarters
  • $436,000 for pickleball operations, which includes adding personnel, equipment and supplies needed to operate the new pickleball facility
  • $120,000 for comprehensive plan updates
  • $93,000 for school safety enhancements, which would add one non-full-time school resource officer
Quote of note

“It is a joy to be able to deliver further tax relief to our residents and to be able to tell everyone that we are managing their money well,” Mayor John Huffman said.