Collin County commissioners voted 4-1 on Sept. 14 to approve a property tax rate increase and the county budget for the fiscal year beginning Oct. 1. Plano is about 20 miles south of Melissa. The decision is the first county property tax rate increase for homeowners since 1993.
The rate will change from approximately 14.9 cents per $100 of taxable value to about 15.1 cents. County budget documents identify the adjustment as a 1.39% increase. County Judge Chris Hill was the only commissioner to vote against it.
The county’s projected median home value for the coming fiscal year is $517,911, up from $480,773. With the former rate and a 5% homestead exemption, the tax on that median-value home would have been estimated at $682.10. Applying the approved rate to the updated value produces an estimated tax of $744.98, a $62.88 increase, according to the budget documents.
Source: yahoo.com.
