Page 27 - CityofSouthlakeFY25AdoptedBudget

As shown in Figure 8, Southlake’s calculated voter-
approval rate is higher for FY 2025 than the current
adopted tax rate. Therefore, the tax rate is not subject to
an automatic election.

The ongoing use of the 20% homestead exemption will
complement the current over-65 exemption of $75,000,
disabled exemption of $75,000, and the over-65 tax freeze.
The continuation of these exemptions offers additional Budget Overview
tax relief.

A 20% homestead exemption will reduce the taxable value
of an average-valued home in Southlake by $218,883. The
property owner of an average-valued home will see the
equivalent of a tax rate reduction of approximately six
cents per $100 valuation with the exemption applied.

With the homestead exemption in place, and considering
the tax rate reduction, the equivalent residential tax rate
on an average-valued home is $0.241.

Figure 9 reflects how the City has provided tax relief
through the homestead exemption and adjustments to the property tax rate to conservatively manage
taxes paid by property owners.

Figure 9
Assessed vs. Taxable Value - Average Home
& Property Tax Bill - Historical

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FY 2025 City of Southlake | Budget Book 27