During its regular meeting on Tuesday, Sept. 15, The Colony City Council formally approved the FY 2020-21 budget. For the 18th time in the past 19 years, the Council voted to lower the tax rate - this year by a 1/2-cent.
The reduction all other years was a 1/4-cent. One year the rate remained flat. With an average home valuation in The Colony of $305K, a home of that value has seen a cumulative reduction of $2,200 in their property taxes over those 19 years. Other highlights of the 2020-21 budget include:
- Six new paramedics for the Fire Department;
- $15K in rental and utility assistance (Next Steps-The Colony)
- $4M for street reconstruction projects on Marsh; John Yates (Nash to Strickland); and Hendricks;
- $1M for general street, alley, and sidewalk maintenance;
- $450K for drainage-improvement projects in The Tribute and on Windhaven Parkway; and,
- $130K for recreation center renovations.
If they haven’t already, homeowners 65 years old and up are encouraged to apply for the City of The Colony’s senior homestead exemption, approved by City Council in 2019. So far, the exemption has frozen over $5 million in home valuations from receiving a larger tax bill from the city, benefiting almost 20% of homes. For information or to apply, visit the Denton County Central Appraisal District website. Also in 2019, the City Council approved a 10% utility discount for active and retired veterans of the Armed Services. Homeowners who qualify can apply online or by contacting the Customer Services Department at 972-625-2741.