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City of Mansfield Annual Budget and Service Program Fiscal Year 2025-2026 Table of Contents

General Fund Revenue Composition

2025-2026 Budget

Property Tax Revenue
Property tax accounts for approximately 56% of all revenue in the General Fund. In FY 2025-2026, property tax revenue is
budgeted at $60,930,066, which is an increase of 7.75% or $4,380,242 over the FY 2025-2025 budget. The increase in
property tax is from an increase in existing property valuations and new growth. It reflects a homestead exemption of 16%
for residential homeowners as well as a tax rate decrease. A 10% homestead was approved and implemented in FY 2020-
2021. City Council approved a 2% increase in FY 2022-2023, FY 2023-2024, and FY 2024-2025, bringing the total to 16% for
qualified Mansfield homeowners. In 2025, the average taxable value of a residential home decreased by approximately
1.36%. New construction in 2025 was valued at approximately $429,865,687 or $2,746,842 in property taxes. New
construction activity in FY 2025-2026 is anticipated to stay on pace as economic conditions improve and commercial and
retail developments increase.

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