Colleyville Considers Doubling Homestead Exemption to 14% for 2025.

Grapevine - Colleyville - Southlake

May 23, 2025 Maverick Tax Guardians

Colleyville city officials are evaluating a proposal to increase the homestead property tax exemption from 7% to 14% for the 2025 tax year, potentially offering greater tax relief to homeowners. The City Council discussed the measure during its May 13 session, with a second reading scheduled for June 3.

The homestead exemption reduces the taxable value of a homeowner’s primary residence, thereby lowering the property tax owed. This exemption does not apply to rental or commercial properties. Assistant City Manager Mark Wood emphasized the importance of addressing the exemption ahead of the July budget discussions, as Texas law requires the exemption to be filed with the Tarrant Appraisal District before July 1.

City staff anticipate a 7% increase in property tax revenue for the 2025-26 fiscal year, which would fund a $750,000 compensation study aimed at enhancing public safety staffing. If the increased exemption is approved alongside the tax revenue hike, the average homeowner would see a modest $2 savings on their 2025 property tax bill. However, if the city opts not to increase property tax revenue while still approving the exemption, homeowners could benefit from a $150 tax reduction.

This initiative follows the city’s first-ever homestead exemption of 7% implemented in the 2024-25 fiscal year, a move aimed at providing tax relief and aligning with neighboring cities’ practices.

Residents are encouraged to participate in the upcoming City Council meeting on June 3 to voice their opinions on the proposed exemption increase.

For more information, visit the City of Colleyville’s official website or contact the City Council directly.

Source
This news article is based on information from
Community Impact -“Colleyville weighs increasing homestead exemption on property taxes to 14%” ( May 14, 2025). Retrieved from:https://communityimpact.com/dallas-fort-worth/grapevine-colleyville-southlake/government/2025/05/14/colleyville-weighs-increasing-homestead-exemption-on-property-taxes-to-14/