The tax rate will decrease 7.22%, from $0.4365 per $100 valuation to $0.4050. Based on this decrease, the owner of a home valued at $300,000 can expect to pay $94.50 less per year in property taxes.
The tax rate is divided into two parts – maintenance and operations, or M&O, which funds daily operations for the city, and interest and sinking, or I&S, which is used to make debt payments on capital projects.
The I&S rate will be decreasing from $0.088703 per $100 valuation to $0.054356, while the M&O rate will increase from $0.347797 to $0.350644 per $100 valuation, according to the town.
“The truth is, raising taxes is a choice, and we have that choice every year,” Council Member Adam Schiestel said. “Flower Mound is making the decision to lower taxes and let the people keep their money as we should.”
The Town Council also approved its general fund budget for the upcoming fiscal year of $76.21 million in revenues and $75.18 million in expenditures.