On Oct. 1, 2023, the Town of Flower Mound entered the 2023-24 Fiscal Year. That means the Town is now operating under a new budget. If you’re interested, here’s a quick recap of some key points in this budget:
Property Taxes
Flower Mound reduced its property tax rate from $0.4050 to $0.3873, making it the lowest rate in the Town’s history. Additionally, Town Council voted to increase the homestead exemption from 10 percent to 12.5 percent. That means, the owner of a $450,000 home in Flower Mound will pay approximately $1,525 to the Town in 2024 property taxes, which is about $115 less than what they paid in 2023. Those tax dollars go toward a variety of services, including police, parks and recreation, streets, fire, and more.
For Flower Mound residents who live in Denton County, the Town’s tax rate makes up less than 23 percent of your total tax rate. To calculate your estimated tax payment based on your property value for the 2023-24 fiscal year, please visit www.flower-mound.com/mytaxdollars.
General Fund Revenues and Expenditures
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. The majority of that generated revenue will pay for Fire and Emergency Services (23.3 percent) and Police Services (22.0 percent).
Capital Improvement Projects
The 2023-24 budget allocates $38,296,500 for the Capital Improvement Program (CIP), which provides funding for streets, public buildings, major equipment, park updates, land, and other capital assets that are of significant value and have a useful life of twenty years or more. Some of the important CIP projects planned for this fiscal year include:
- 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.
This is just a quick overview of the Town’s 2023-24 budget, but you can learn more, read the official budget, skim our Budget-in-Brief, and find property tax information at www.flower-mound.com/budget.