Considering moving to Southlake, Texas? Its residents are saving more cash than ever before, and now is the time to make your move! Thanks to Southlake’s recently passed tax cuts, residents’ pockets are staying a little fuller than before.
Learn the details of the current tax rates, and capitalize on the benefits while you can!
The Lowest Tax Rates in 30 Years
In a recent budget passed by the Southlake town council, Mayor Laura Hill announced that a 3.7 cent tax reduction and a maximum homestead exemption 20% below the effective rate will be put into effect next year.
Wondering what a homestead exemption is? Basically, when it’s time to pay property taxes, you gain exemptions based on a certain dollar amount or a percentage of your home value.
This is the biggest reduction in taxes since the 1980s, meaning residents will be able to enjoy a little more money than before!
Southlake Continues to Grow
This much needed tax relief, however, doesn’t mean the town will sacrifice any revenue. Mayor Laura Hill said to the Star Telegram that the town is currently taking in even more revenue despite the tax breaks to residents. This reduction in rates on top of low mortgage rates means that now is one of the best times to buy a home in the Southlake area.
What does this mean for residents? Because Southlake is still a growing town, increased revenue means more money for infrastructure projects and investments within the community. Expect improved roads and intersections in the near future!
Continued Efforts to Help Residents
This reduction in tax rates has been a continued effort by Southlake lawmakers. For the last few years, tax rates have been reduced, with the ultimate goal of saving residents as much money as possible.
Exemptions have been climbing since 2014, when they were only 3%. This huge win is great for taxpayers, especially since there will be no compromise when it comes to services and no increase in debt.
What Makes Southlake Great?
With small town charm and great amenities, the tax breaks are another reason to consider calling this growing suburb home. Some major improvements coming to Southlake include an 82,000-square foot fitness facility, improved roads, new construction communities, and much more.
With the Southlake market improving every day, now is the time to consider your move. Southlake has both new construction and existing homes for you to choose from in neighborhoods you’ll love.
Ready to Make Your Southlake Move?
If you’ve got Southlake on your mind, let the experts help you with your home-buying process. Whether you’re buying or selling your Southlake home, Glazer’s Realtors are ready to guide you. If you’re ready to take the first step, give us a call or explore our website. We have plenty of resources to help you with your real estate journey!