Fiscal year 2019-20 is here, and that means taxing entities are finalizing property tax rates and budgets. General fund budgets are partly made up by property tax revenue. These budgets are made up of general operating expenses, improvements and new staff members.
The majority of McKinney residents’ property taxes go to McKinney ISD. The district adopted a general fund budget of $232 million for this school year in June. The budget includes funding for staff, transportation and day-to-day operations. MISD also approved a property tax rate of $1.48835 per $100 valuation during an Aug. 27 board meeting. This is a decrease from the current tax rate of $1.59 per $100 valuation.
Residents also pay taxes to Collin College, which adopted a tax rate of $0.081222 per $100 valuation for the second year in a row during an Aug. 27 meeting.
The college set a general fund budget of $212.5 million, of which nearly $118.6 million will come from property tax revenue.
The second-biggest chunk of property taxes will go to the city. McKinney is proposing a tax rate of $0.51560 per $100 valuation—a decrease of approximately one cent from the current rate of $0.52517 per $100 valuation. The city is proposing a budget of $157.9 million for public safety, development, parks and recreation, libraries and more.
McKinney City Council will adopt its budget and tax rate Sept. 17.
Collin County proposed a tax rate decrease of nearly half a cent to $0.174951 per $100 valuation. The county has yet to present a proposed general fund budget, but discussions started in mid-August. The county will present a proposed budget during a Sept. 9 meeting, and will adopt an official tax rate and budget Sept. 16.
Cassidy Ritter contributed to this article.