Double Oak council maintains tax rate for FY 2024-25

Double Oak Town Council approved the fiscal year 2024-25 budget and kept the property tax rate the same as FY 2023-24 during the Sept. 23 council meeting.

What you need to know

The property tax rate will be $0.178384 per $100 valuation, the same as FY 2023-24. Because of increases in property value, residents will pay more property taxes this upcoming fiscal year than the last and generate more tax revenue for the town.

The FY 2024-25 budget is balanced with an overall revenue of $2.63 million, the majority of which is expected to come from property taxes. The general expenses for next fiscal year are expected to total $2.63 million.

Additional details

During the budget workshop, Town Council decided to move a $69,000 surplus in revenue into fixing drainage on town roads. The overall budget for road repairs in FY-2024-25 is $129,885.

What else?

A note was made for FY 2025-26 to add a line into the budget designating a certain amount of money to cover the specific needs of the volunteer fire department. The volunteer fire department is currently budgeted for $100,000.