Local governmental entities are preparing for the upcoming fiscal year and are proposing slightly lower tax rates for the 2019-20 fiscal year.
The city of The Colony is proposing a tax rate of $0.66 per $100 valuation, which is down from the current rate of $0.6625.
In 2017-18 the rate was $0.665. Last year was the first time in years that the adopted rate was lower than the effective tax rate, which is the rate needed to raise the same amount of money from the previous year.
Despite a proposed lower rate, property owners could still see a larger tax bill because of increased property values.
The City Council will review the tax rate and the budget at its Aug. 20 meeting, and a vote to approve both is set for Sept. 17.
At the county level, the Denton County Commissioners recommended a tax rate of $0.225278 per $100. If approved that would be a rate cut of 0.13 percent from the current rate It would be the county’s lowest rate since 1986 and would be the second-lowest in a top-15 Texas counties survey.
There will be a public hearing on the rate at 10 a.m. Aug. 27 at the Courthouse-on-the-Square, followed by a public hearing on the proposed rate at 7 p.m. Sept. 10.
There will be a public hearing on the proposed budget at 10 a.m. and a public meeting to adopt the budget and tax rate Sept. 17.
Lewisville ISD will be proposing a lower tax rate as well. House Bill 3, which passed during the 2019 Texas Legislature, called for a reduction in the maintenance and operations (M&O) rate. LISD’s proposed total tax rate will be $1.3375 per $100 valuation. This is a drop from $1.4075.
LISD will host a public meeting at 6 p.m. Aug. 26 at the LISD Administrative Center.