September 28,2016 Colleyville, Texas
At the recent September 20, 2016 Colleyville City Council meeting the Council adopted the 2017 tax rate and budget. In the face of runaway county tax and school board tax rates, it is certainly a welcome site for Colleyville homeowners to see a decrease in the tax rate.
The Council adopted a tax rate of $0.3391 rate per $100 evaluation. The rate was lowered from the previous rate of $0.3559 per $100 evaluation that has been in place for the past 8 years. However, it is the first time taxes have been lowered in 23 years since 1993!
Mayor Richard Newton stated that one of his top priorities was to review both the budget and property taxes in order to seek out property tax relief for residents of Colleyville. The rate reduction provides some relief to Colleyville Home owners in the escalating taxes being waged with some of the highest appraisals increases in the history of Tarrant County. Of course the total tax bill could still be increased based on the other tax entities decisions.
The new city budge adopted for the fiscal year 2017 was $41.4 million.