The city of Highland Village’s fiscal year begins on Oct. 1 with a slight decrease in the property tax rate. The tax rate is dropping from $0.501394 to $0.500273 – a 0.2% reduction. Despite the lower rate, a 4.9% increase in assessed property valuations will result in additional property tax revenue for the city, Highland Village officials said. Sales tax revenues are also projected to increase by 6.8% compared to last year’s budget.