The town of Trophy Club decreased its total tax rate by 2.29% for fiscal year 2022-23, though the rate will generate more property tax revenue than FY 2021-22.
The new property tax rate of $0.434799 per $100 valuation was approved during the Sept. 13 meeting, down from $0.445 in FY 2021-22.
There is a projected growth of 6.5% in revenue, which will generate $572,544 more for the city than last year, according to town documents.
The average homestead taxable value is $554,380, up 11% from last year, while the tax on an average homestead in 2022 is $2,410.44, an increase of $184.91, documents showed.
