City Council approves tax-rate decrease, 2020-21 budget
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 Drive; John Yates Drive (Nash to Strickland); and Hendricks Drive;
- $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.