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Colleyville staff previews preliminary budget; proposes raising homestead exemption from 7% to 14% (estimated $1M revenue)
Summary
City staff presented a preliminary operating and utility budget on June 17 and noted a proposal to increase the homestead exemption from 7% to 14%, which staff estimated would raise about $1,000,000 in property tax revenue; staff outlined timeline for certified values, hearings and adoption.
City staff gave a preliminary overview of Colleyville’s proposed 2025–26 budget at the council work session on June 17, highlighting an initiative to increase the homestead exemption from 7% to 14% and outlining the schedule for certified values, hearings and adoption.
A staff member identified in the record as Tiffany summarized revenue and expenditure projections and the proposed homestead change: “The new initiative as you bugged on it, the last meeting was to add an additional 7 percent for the homestead and taking that to 14% for a homestead exemption and we're looking at approximately a $1,000,000 increase in property tax revenues,” Tiffany said.
Tiffany said preliminary citywide operating revenues were about…
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