Property Tax & New Budget
Lowest Property Tax in History
As we step into the 2023-24 Fiscal Year, I'm filled with immense pride and gratitude for the strides we've made together. Our collective efforts have led to a historic achievement: the lowest property tax rate in Flower Mound's history, now at $0.3873. Coupled with an increased homestead exemption from 10% to 12.5%, homeowners can expect significant savings. For instance, a $450,000 home will see about $115 less in property taxes in 2024 compared to the previous year. These funds fuel essential services like police, fire, parks, and recreation.
Understanding Tax Rates
Dive deeper into how your tax dollars are at work by visiting www.flower-mound.com/mytaxdollars. You'll find that property taxes constitute over 53.7% of our Town's General Fund revenue, with sales tax collections contributing another 21%. A significant portion of this revenue ensures our Fire and Emergency Services and Police Services remain top-notch.
Our Town's Budget
For a comprehensive look at our budget and its impact, I invite you to explore www.flower-mound.com/budget.
General Fund Revenues
In this new fiscal year, property taxes will generate more than 53.7 percent of the revenue in the Town’s General Fund, and more than 21 percent will come from sales tax collections in town.
General Fund Expenditures
The majority of the Town's generated revenue will pay for Fire and Emergency Services (23.3 percent) and Police Services (22.0 percent).
Capital Improvement Program
Our commitment to progress is further reflected in the allocation of $38,296,500 for the Capital Improvement Program (CIP) this fiscal year. This program is our blueprint for the future, funding essential projects like:
• Lakeside Parkway capacity improvements and panel replacements
• An expansion and renovation study for the Community Activity Center
• Improvements at Bakersfield Park, Spring Lake Park, Spring Meadow Park, and Gerault Park
• A playground replacement at Jake’s Hilltop Park
• Reconstruction and rehabilitation of numerous streets
• Several water, stormwater, and wastewater projects and improvements
The Way Forward
As we move forward, my vision remains anchored in our 4 Key Values: Public Safety, Economic Growth, Infrastructure Enhancements, and Community Engagement.
I envision a Flower Mound where safety is paramount, businesses flourish, our infrastructure is robust, and every resident's voice resonates.
Together, let's continue to shape a Flower Mound that not only meets but exceeds our aspirations. As election day approaches on May 4th, I'm reminded of our shared journey and the brighter horizons ahead. Let's keep our momentum going!