The Double Oak Town Council will discuss adding a local residence homestead exemption during its meeting on Monday, according to a town news release.
Double Oak offers its residents a municipal property tax rate of $0.198067/$100, which is one of the lowest in Denton County and North Texas, according to the town. Double Oak currently offers $50,000 exemptions for disabled people and residents 65 and older, as well as a limitation tax ceiling exemption.
On Monday, the town will look at offering a 1%, $5,000 minimum homestead exemption off of the taxable value of an eligible homestead property. This will be the first time council has discussed a Double Oak Local Residence Homestead Exemption, and it was originally Mayor Pro Tem Patrick Johnson’s idea to begin looking into it.
“With the rising cost of groceries and other inflation costs, Double Oak wants to help provide some property tax relief to all of our residents,” Mayor Mike Donnelly said in a statement.
This homestead exemption would apply to everyone who already has a homestead exemption on file, and it would be in addition to other eligible exemptions residents already have.
Click here for more information on Double Oak’s homestead exemptions.
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