A buyer closes on a new build in Carillon Parc this fall. The closing statement shows a small prorated tax line, a few hundred dollars, because the county is still taxing the dirt the house sits on. Everyone around them is talking about how good the tax news has been in Southlake lately, and the closing documents seem to prove it. Then the following January, a new assessment arrives in the mail. The number on it has nothing to do with the rate everyone's been quoting. It reflects a finished, multi-million dollar home, and it can run two to three times the partial-year bill the buyer just paid. The escrow account that was sized for a bare lot comes up short, and the mortgage servicer raises the monthly payment to cover the gap.
None of that means the tax-rate news was wrong. It means the tax-rate news was never the relevant number for this particular buyer.
The rate everyone quotes isn't the number on your bill
Carroll ISD's board approved a new tax rate of $0.9269 per $100 of valuation for fiscal year 2026-27 at its August 17 meeting, marking the twelfth consecutive year the district has lowered its rate since 2015-16. The maintenance and operations portion held flat at $0.6853, while the debt service rate dropped from $0.2441 to $0.2416. In early September, Southlake's own city council took up its FY2026-27 budget discussion, with a proposed tax rate near $0.29 per $100 of valuation, a figure the city frames as part of a longer effort that's brought its portion of the bill to a historic low.
Both of those are real, verifiable, and worth knowing if you already own a home here. But a tax rate only tells you what percentage applies to a value. It says nothing about what that value actually is in year one of ownership, and for new construction, year one is where the surprise lives.
Why January 1 decides your first bill, not your closing date
Texas appraises property based on its condition as of January 1 each year. If your home isn't complete and on the tax roll by that date, the Tarrant Appraisal District generally taxes the land alone for that tax year. Buy in the spring, close in the summer, move in by fall, and your first bill can still reflect an empty lot, because the assessment snapshot was taken back in January before a foundation was poured or a frame was up.
The following January, the district reassesses with the finished home in place. That's the bill that actually reflects what you paid for the house. It's also the bill nobody escrowed for, because the lender set your monthly payment based on the land-only number from the closing statement.
The one freeze that skips new construction entirely
Tarrant County has spent the last two years selling residents on relief. In July 2024, the appraisal district's board voted to freeze residential property values through the 2025 and 2026 tax years, then move to reappraisals every other year instead of annually starting in 2027. Chief Appraiser Joe Don Bobbitt called it a way to give homeowners a break between appraisal cycles, and it's been framed publicly as one of the more taxpayer-friendly moves the district has made.
New construction was carved out of that freeze from the start. Both the district's own guidance and reporting on the board's vote confirm it: a property that didn't exist on the prior year's roll doesn't get the frozen value, it gets appraised fresh, in full, the year it's completed. So the exact reform that's been giving existing Southlake homeowners a pause on rising values does nothing for the buyer closing on a new build in Carillon Parc this year. They're the one group the freeze was never built for.
Bobbitt made a related point about protections in general that applies here even though he was speaking about the broader reappraisal change: caps and freezes take time to show up in an actual bill. "If you have a homestead cap, I don't think you'll see that benefit for a year or two," he said. For a brand-new home, that lag isn't a minor inconvenience. It's the entire first year of ownership.
What protection looks like for an existing owner versus a new build
| Existing homesteaded home | New construction, first tax year | |
|---|---|---|
| Assessment basis | Frozen or capped at prior value | Full market value at completion, no cap |
| Homestead cap active | Yes, if filed in a prior year | No, cap doesn't start until a full year after filing |
| Covered by 2025-2026 freeze | Yes | No, explicitly excluded |
| Escrow risk | Stable, predictable | High, first bill often understates the second |
The homestead cap is the piece most buyers assume protects them immediately. It doesn't. The 10% annual cap on assessed value increases only applies once a homestead exemption has been on file for a full tax year. Texas does let you file the exemption in the same year you purchase, which is worth doing the moment you close, but filing early doesn't change the fact that your first full-value assessment as a new-construction owner is uncapped by definition. There's no prior year's protected value to cap against. The number the district lands on is the number you owe.
What this looks like in Carillon Parc right now
Carillon Parc is the community most people mean when they talk about new construction in Southlake this year. As of late August 2026, the broader Southlake new-construction market showed a median listing price near $2.21 million, homes moving in an average of 74 days, and roughly four offers per listing. Carillon Parc itself, where builders including Heritage Custom Homes, Atwood Custom Homes, and WillowTree Custom Homes are actively delivering homes across multiple phases, carried a noticeably higher median in the high $2 million range as the community's later phases release larger, more finished product.
Those are meaningful prices to be reassessed at full value with no cap in the first year. A buyer closing on a $2.6 million home in Carillon Parc this year isn't looking at a modest escrow adjustment next January. They're looking at the full jump from a land-only partial-year bill to a full-value bill on a multi-million dollar structure, all at once, with no homestead cap to soften the landing until the second year of ownership at the earliest.
What to ask before you close
The fix for all of this isn't complicated, but it has to happen before the closing table, not after the surprise bill arrives.
- Ask your lender directly whether escrow is being calculated on the land value or the estimated completed value. This is the single biggest lever you have.
- File your homestead exemption with the Tarrant Appraisal District as soon as you close. Texas allows filing in the year of purchase, and the clock on your future cap doesn't start until you do.
- Keep your closing statement. If the builder prorated taxes based on the land value, you may be able to true up their share once the full-value bill is issued.
- Mark your calendar for next April. Tarrant Appraisal District mails Notice of Appraised Value statements in mid-to-late April, and the protest deadline is May 15 or 30 days from the notice date, whichever is later. That's your first real chance to challenge a valuation that feels out of step with comparable sales.
The falling rate is good news. It just isn't the number that determines your first two years of ownership if the home wasn't standing on January 1.
FAQ
Does Carroll ISD's falling tax rate mean my new-construction bill will be lower too? Not necessarily in year one or two. The rate applies to whatever value the appraisal district assigns, and for a home that wasn't complete on the prior January 1, that value can jump sharply once the finished home is on the roll, regardless of which direction the rate is moving.
When should I file my homestead exemption on a new build? As soon as you close. Texas generally allows homeowners to file in the same calendar year they purchase rather than waiting for the next January 1, and the 10% annual homestead cap doesn't start protecting your assessed value until a full tax year after the exemption is active.
What's my recourse if the full-value assessment feels too high? The Tarrant Appraisal District mails Notice of Appraised Value statements each spring, typically in April, and the deadline to file a protest is May 15 or 30 days from the notice date, whichever comes later. Comparable sales in your community are the strongest evidence for a protest.
New construction in Southlake rewards buyers who understand the tax mechanics as well as they understand the floor plan. The Jeannie Anderson Group works alongside builders and buyers across Carillon Parc and the rest of Southlake's luxury new-construction communities, and we walk every client through the escrow and assessment timeline before they sign, not after the first surprise bill lands. If you're weighing a new build against resale in Southlake or Westlake, reach out and we'll map out what your first two years of ownership actually look like.
