The Collin College board of trustees decided to reduce resident tax rates to the college at a late April meeting.

In a nutshell: A new tax exemption rate will be making its way to qualifying Collin County residents, according to a May 1 news release.

• Collin College’s board of trustees approved the rates during an April 28 meeting.
• The new rates are expected to go into effect after the board adopts a resolution for the Collin County Central Appraisal District at its May 23 meeting.

“Collin College is pleased to offer savings to our taxpayers during this time of rising property taxes,” district President Neil Matkin said.

The background: Collin College’s current tax exemptions include:

• A local homestead exemption of 1% or a $5,000 minimum; and
• A property tax exemption of $30,000 for residents age 65 and older along with $20,000 for residents with disabilities.

“Our board embraces a fiscally conservative philosophy with the resources entrusted to the college by our taxpayers,” board Chair Andy Hardin said.

The changes: The increase in the home exemption will save taxpayers $8.2 million in the first year, according to the news release. Here’s what else is new:

• The homestead exemption is now 20% of the home’s appraised value or a $5,000 minimum.
• Property tax exemptions were raised to $100,000 for residents age 65 and older and residents with disabilities.

“Thanks to the leadership of our board of trustees, Collin College has the second-lowest tax rate among Texas’ 50 community colleges and the lowest in-district tuition, and this is another way we can demonstrate our value to our communities,” Matkin said.

For more information: Check out these sites.

• More information on Collin College can be found here.
• General information on Collin County’s overall property taxes can be found here.