Category Archives: Tax News

City, school officials respond to Texas leaders’ united front on a proposal to cap property tax revenues

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Texas-Legislature-1State lawmakers are proposing a 2.5 percent cap on property tax revenue growth with identical bills filed in both legislative chambers.

Senate Bill 2 and House Bill 2 would require local governments to obtain voter approval in order to collect more than 2.5 percent in additional revenue on existing property compared with the previous year, according to The Texas Tribune, Community Impact Newspaper‘s reporting partner.

The proposed revenue cap would affect cities, counties and school districts. Currently, the law allows them to collect up to 8 percent in additional tax revenue without voter approval.

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Colleyville council adopts city’s first effective tax rate

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Grapevine, Colleyville and Southlake’s tax rates have fallen over time as cities look to relieve the burden of rising property values. (Source: Cities Of Colleyville, Grapevine, Southlake/Community Impact Newspaper)

As tax bills arrive, cities across Tarrant County will likely collect more revenue from property taxes despite flat or lower tax rates—unless that city is Colleyville.

This year Colleyville lowered the city’s property tax rate for fiscal year 2018-19 to the effective tax rate of $0.3208 per $100 valuation.

“The effective tax rate is a complicated way of saying that our intention is to collect the same amount of revenue this year as we did in last year,” Assistant City Manager Adrienne Lothery said. “That is something that a lot of communities say can’t be done, and we’re doing it.”

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Southlake City Council adopts tax rate and budget for fiscal year 2018-19

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Southlake City Council approved a tax rate of $0.447 per $100 valuation to support its adopted fiscal year 2018-19 budget during a Sept. 18 meeting. Mayor Laura Hill was absent.

Of the $0.447 per $100 valuation, $0.357 will be allocated for the city’s general fund operations and $0.09 for its debt service fund, according to city documents. The tax rate is 1.5 cents lower than the FY 2018 tax rate of $0.462 per $100 valuation, but it is anticipated to yield an increase in property tax revenues.

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