The Southlake city council has proposed a 1.5-cent tax rate decrease for 2022.
During the council’s budget work session on Tuesday, August 17, the city unveiled its budget for 2022. The $137.4-million budget includes a $0.39 tax rate, which is the lowest tax rate the city has seen since the mid-1980s, according to MySouthlakeNews.com. Combined with Southlake’s 20% homestead exemption, that could bring an approximate 8-cent tax rate reduction to residents.
In addition to the tax rate, the proposed budget also allocates $6.03 million for roads, $5.3 million for drainage improvements, $450,000 for sidewalks, $443,000 for fire safety equipment and $371,000 for police equipment. According to the proposed budget, the city does not anticipate any service reductions for 2022.
The city council will hold two public hearings for the proposed budget on September 7 and 21 before voting on it. Learn more about the upcoming budget at CityOfSouthlake.com/FY2022.