Look hard at the property taxes. They never charged property tax, but now I hear they do even though it's 'city property'. Heard some horror strories!
No, property taxes have always been assessed on the "improvements," that is, on the home you buy or build, garages, etc. The physical structures. However, lake home owners don't own the land, they lease it. So, in addition to the property taxes, they pay an annual lease for the land itself.
The lake has morphed a bit over the decades. It was once dominated by smaller almost fishing shacks on septic tanks. Some still exist out there but they are being razed and the land used for newer and larger homes. Once the city made improvements, adding a sewage system was a big deal, much nicer homes began to pop up around the lake.
I have fished it. I think it is a good crappie lake. For LMBs, it is like a lot of FW area lakes: you can catch a fair number of rather small ones, then the occasional giant.
The best thing about the lake? It is out in the country yet just a short drive back into FW so it has become popular for people who need access to work.
Brad