BY HEATHER MCCULLOUGH & CODY THORN
Colleyville officials increase homestead exemption to 14%
This will primarily help Colleyville staff recruit and maintain police officers and firefighters to keep up with competitive rates from nearby cities, Wood said. “We need this revenue to keep this type of great service that we have in our community,” Mayor Bobby Lindamood said. “We are blessed to be like we are—one of the top-three safest cities, and our response times for our fire department is under the national average.” Diving deeper With a homestead exemption of 14%, the aver- age homeowner is predicted to save $2 on their property taxes since the last year. If City Council chooses not to increase property taxes, the average homeowner could save $150 in property taxes since last year, Wood said. Addi- tionally, commercial property owners are expected to pay $222 more in property taxes than 2024. This approval comes before the budget and
Colleyville City Council increased the home- stead exemption by 7% at the June 3 meeting, making the total tax exemption for homeowners 14% for 2025 residential property taxes. What you need to know Approving this exemption will shift the poten- tial property tax increase the city expects for fiscal year 2025-26 off of homeowners and onto commercial developments in the city, according to a presentation from council. The homestead exemption reduces property taxes for homeowners, which does not include rental or commercial properties, Assistant City Manager Mark Wood said. Colleyville officials said the 7% increase could bring $1 million in revenue for the city. The additional revenue would go toward implementing a $750,000 recommendation for compensation increases based on a reparation study done by the city.
The financial impact
Commercial
Residential
Average taxable value
$791,021
$1M
Homestead exemption at 7% Homestead exemption at 14%
$2,032
$2,762
$2,030
$2,884
$2
$222
Difference
SOURCE: CITY OF COLLEYVILLE/COMMUNITY IMPACT
property tax adoption, which will occur in September. Texas state law requires that the exemption was filed with the Tarrant Appraisal District by July 1, Wood said.
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