The 2022-23 fiscal year budget will feature the same property tax rate as the previous five years while citywide property valuation is estimated to rise about 15.61%, according to the budget document. The tax rate will raise more revenue from property taxes than last year by about $19.7 million with new properties contributing about $7.3 million to that figure.
The Collin Central Appraisal District determined the average market value for a home in Frisco was $639,583, according to its 2022 appraisal roll. A homeowner with property valued at $639,583 would pay about $2,856 in city taxes.
A tax rate freeze for homeowners older than age 65, approved in June, is included in the proposed 2022-23 fiscal year budget along with a senior homestead exemption of $80,000. Council members also approved an increase in the regular homestead exemption from 10% to 12.5% during the same meeting in June, according to the budget document.
The 2022-23 fiscal year budget includes a general fund operating budget of about $229 million, about a $15.4 million increase from last year’s projected year-end totals, according to the budget document.
Several departments, including the Frisco Police Department, Parks and Recreation and the Fire Department will have increased budgets in the next fiscal year, according to the budget document. Department leaders submitted new programs and staffing needs for the next fiscal year, according to the budget document.
The city is adding 47 new positions across several departments including public safety, parks and recreation and the public library. Three of those new positions will be part-time, according to the budget document.
The new budget will take effect Oct. 1.
