Collin College board of trustees on Aug. 22 passed a new residential homestead exemption that will allow some homeowners to avoid paying taxes on at least $5,000 of their home’s appraisal value or 1 percent of the same property valuation, whichever is higher.
“Collin County has some of the most desirable schools and neighborhoods in the area, and property values are on the rise,” said Collin College district President Neil Matkin in a press release. “We are always looking for ways to enhance our community, and this is one way we can help our taxpayers.”
In addition to the new exemption, Collin College already offers property tax exemptions of $30,000 for residents over 65 years of age and $20,000 for disabled individuals.
During the same meeting, the board also approved a lower tax rate of $0.079810 per $100 valuation, a 1.7 percent reduction from last year.
According to the college, because of Collin County’s sustained growth continuing to fuel its tax base, the college was able to lower its tax rate while meeting the needs of its students.
“Collin College continues to be a good steward of taxpayer funds, balancing the needs of a growing population with a fiscally-conservative mindset which our residents expect,” said board chairman Robert Collins in a press release. “We believe this tax rate will serve the district’s needs as it looks toward a brighter future for our students and communities.”
In May, Collin County voters approved the college’s $600 million bond that would fund a master plan to expand the college. The expansion includes a new campus in Wylie, a technical center in Allen and educational centers in Celina and Farmersville.