Cash

The Little Elm Town Council on Tuesday adopted a slightly lower property tax rate for the 2020-21 fiscal year.

The council adopted a rate of $0.649702 per $100 valuation, which is less than the current year’s rate of $0.6499.

Homeowners could see a larger tax bill, however, since home values have increased.

The average-valued home in Little Elm is $293,400, said Town Manager Matt Mueller. That’s up from $290,494 in 2019.

The tax on the average-valued homestead is set to go from $1,888 to $1,906, a 1-percent increase.  

Broken down the new rate includes a maintenance and operations (M&O) rate of $0.52 and an interest and sinking (I&S) rate of $0.129702.

The M&O rate, which is used to fund various operational services in the town, including public safety, is up from $0.496524.

“That’s good that we’re able to realize the growth on the O&M side so we can continue to provide those public safety services,” Mueller said.

The I&S rate went down from $0.153376. Mueller said the debt service rate has gone down because of debt being retired and by refinancing.

The council was not able to vote on the tax rate when it adopted its budget two weeks ago because the town had not received certified tax rolls from Denton County at that point. Back then 12 percent of the tax rolls were not certified, and the goal was to get down to 5 percent before adopting the tax rate.

Mueller said the delay in receiving the certified tax rolls was attributed to a record number of property value protests, a botched software conversion system at the county level and the impact COVID-19 had on the county staff.

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