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