Grapevine - Colleyville - Southlake | July 2024

BY CODY THORN

Colleyville passes 7% homestead exemption for FY 2024-25

right time to bring tax relief. He also said the goal was to get the city to 20% in the coming years. Zooming in General homestead exemptions are available to taxpayers who own and reside at a property as of Jan. 1 of the year. Exemptions are also granted to people age 65 or older and homeowners with disabilities. A full list of the types of exemptions available can be found at the Tarrant Appraisal District website. Quote of note Former council member George Dodson spoke against the homestead exemption. “The cities near [that have 20% exemptions] have three, or five or 10 more commercial properties,” he said. “Easily Grapevine and Southlake have significantly more commercial. We are putting more load on nonhomestead and commercial owners, and I don’t like to see that happen.”

The city of Colleyville passed its first-ever homestead exemption during the June 18 council meeting. Council voted unanimously, 7-0, to approve a 7% homestead exemption for fiscal year 2024-25. “The reason we are doing it now is to provide a little bit of tax relief,” Mayor Bobby Lindamood said. “We are just tip-toeing into it and we are trying it.” Finance Director Matt Poston said the city looked at adding the homestead exemption to mitigate the impact of necessary tax increases for critical public safety equipment, which includes a new fire truck. “We are shifting the burden ... to nonhomestead and commercial property,” he said. The details The 7% homestead exemption is lower than several neighboring cities, Deputy Mayor Pro Tem Scotty Richardson said. Lindamood, in a video posted on social media after the first reading of the ordinance on June 4, said the city felt like it was the

Translating the new rate Council adopted Colleyville’s first ever homestead exemption. This provides a property tax break to homeowners. Here is an example.

Residential (current)

$804,772 average taxable value for a single-family home in Colleyville*

0% homestead exemption

+

$2,028: Projected total city tax bill

Residential (new)

$804,772 average taxable value for a single-family home in Colleyville*

7% homestead exemption

+

$2,012: Projected total city tax bill OR

a difference of $16 less on average in the 2024-25 tax year with the homestead exemption.

SOURCE: CITY OF COLLEYVILLE/COMMUNITY IMPACT

*BASED ON 2024 APPRAISALS

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GRAPEVINE - COLLEYVILLE - SOUTHLAKE EDITION

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