City officials: McKinney’s fiscal year 2019-20 tax rate will be 'significantly lower' than current rate

McKinney City Council set the Fiscal Year 2019-20 tax rate ceiling during an Aug. 5 meeting.

McKinney City Council set the Fiscal Year 2019-20 tax rate ceiling during an Aug. 5 meeting.

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McKinney Tax Rate History
The city of McKinney has plans to lower the city’s property tax rate for the fourth year in a row.

At an Aug. 5 McKinney City Council meeting, council members set a tax rate ceiling of $0.52517 per $100 valuation, which is the current tax rate, for Fiscal Year 2019-20. This means there is no chance of the tax rates rising.

However, the city manager’s recommended tax rate will be “significantly lower,” according to a presentation given at the meeting.

The recommended tax rate will be $0.5156 per $100 valuation—a little over a $0.01 decrease from the current rate, McKinney Chief Financial Officer Mark Holloway said.

The city manager’s recommended budget will be presented to council Aug. 9, and the finalized budget will be adopted on Sep. 17, following a series of public hearings.

Dates to know:

  • Aug. 20: first public hearing on tax rate

  • Sep. 3: first public hearing on budget, second public hearing on tax rate

  • Sep. 17: second public hearing on budget, tax rate adoption, fee and rate change adoption, final budget adoption

By Emily Davis
Emily graduated from Sam Houston State University with a degree in multi-platform journalism and a minor in criminal justice in Spring 2018. During her studies, Emily worked as an editor and reporter at The Houstonian, SHSU's local newspaper. Upon graduation, she began an editorial internship at Community Impact Newspaper in DFW, where she was then hired as Community Impact's first McKinney reporter in August 2018.