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.
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.
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.
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.