FY 2019-20 begins Oct. 1 and ends Sept. 30, 2020.
At the meeting, the county adopted the official FY 2019-20 tax rate of $0.174951 per $100 taxable value. This is a slight decrease from the current tax rate of $0.180785 per $100 taxable value.
According to the county’s budget packet, the average taxable value of a county homestead has increased by $11,618. Based on the adopted tax rate, a Collin County household of average property value—just around $355,000—will pay $622.69 in property taxes to the county in FY 2019-20.
In addition to lowering the current tax rate for the upcoming fiscal year, the adopted budget is projected to maintain the same tax rate through FY 2023-24, according to the packet.
The county also adopted a general fund budget of $221.5 million for FY 2020.
A portion of Collin County homeowners’ property taxes go toward the county’s general fund budget. These budgets are adopted yearly to fund county operations.
This proposed budget is a 6% increase from the FY 2018-19 general fund budget of $208.8 million.
The biggest chunk of the proposed FY 2019-20 budget is allocated toward public safety, in the amount of $73.5 million. The second-biggest portion of funding will go toward general administration, which includes expenses such as county employee salaries, benefits and more.