Tax exemption: Approved or Disapproved?
According to the published news report by Community Impact, Since 2006, The Flower Mound Town Council provides a $100,000 tax exemption intended for over-65-years old disabled residents. This huge tax exemption hinders other tax exemptions to be implemented. As stated in the memo from The Flower Mound Town Council, if there are changes in the tax exemption this year, an ordinance must be brought to the council before June 19 to decide whether to approve or disapprove before June 30. And it shall take effect in the following fiscal year.
According to J.P Walton, they have observed for the previous years that the costs to maintain services are more expensive much way higher than the 3.5% cap to the tax based on the assessed value of a real state or personal property. James Childers, Town Manager said that if the council would agree on the exemptions to take effect, then there will be an increase to the tax rate.
Data Gathering Request of the Deputy Mayor
Deputy Mayor Pro Tem Ann Martin is requesting data to analyze how the tax exemption work, especially on the computation as to how a certain entity will be granted the said tax exemption. Tammy Wilson chief financial officer of the town, was tasked to collect data such as how many percentages in the town are aged over-65 years old. Mayor Martin wanted to see the comparison of the $100,000 exemption amount for a person over 65 years of age compared with tax exemption considering the inflation-adjusted amount. Mayor Martin added a task to Wilson to compare other municipalities’ homestead exemption and tax rates.