The city of Van Alstyne has decided to keep its property tax rate unchanged while anticipating higher overall revenue due to ongoing development within its boundaries.
City leaders confirmed the tax levy will stay at 55.37 cents for every $100 of assessed property value. This decision comes as new residential projects come online, expanding the city's tax base even though the rate itself has not changed.
Officials emphasized that the projected financial gain does not result from increased costs for current residents. Instead, the boost is attributed to new builds adding to the total assessed value.
Mike Shaw, a spokesperson for the city, noted that operational costs have risen alongside those of other entities. He described the municipal budget as tight but balanced, asserting that the tax rate remains stable.
"Our expenses have gone up, like everyone else's," Shaw said. "This is a very tight budget, but it is balanced, and tax rates are not going up."
