Collin County officials said if the $750 million in bond propositions on the Nov. 6 ballot are approved, the tax rate will not be affected; however, the ballot language mentions the levy of a tax. This language is required by law to tell taxpayers how the debt will be repaid.
When bonds are issued, taxes have to be collected, or levied, to pay for the bond.
The county’s debt service tax rate, which is the portion of the tax rate that pays the annual payments on the bonds, should be adequate to cover the payment of the new bonds if approved by voters, Collin County Director of Engineering Clarence Daugherty said in an email.
Collin County Judge Keith Self said the tax rate will not go up, and the total tax rate is decreasing nearly $0.0115 in fiscal year 2018-19, from $0.192246 per $100 property valuation in FY 2017-18 to $0.180785 per $100 property valuation for FY 2018-19.