McKinney City Council voted Aug. 2 to set the maximum property tax rate for fiscal year 2022-23 at $0.459547 per $100 valuation. That is a 7.66% decrease from the tax rate set in last year’s budget.
The Aug. 2 vote establishes the maximum rate the city is allowed to adopt for its next fiscal year budget. The City Council can still vote to adopt a lower tax rate than the proposed $0.459547 per $100 valuation. Mark Holloway noted that the city manager’s recommended tax rate will be lower than the maximum rate.
“Every year we set a ceiling that has been significantly higher than what we actually set,” Mayor George Fuller said.
Council Member Rick Franklin asked if this was the largest tax rate reduction the city has had, to which Holloway responded in the affirmative.
The city manager’s recommended budget will be discussed during the Aug. 12 budget work session, and a public hearing on the budget will be held Aug. 16. On Sept. 6 the city will hold its second public hearing on the budget and plan to adopt the final version of the budget as well as hold a public hearing on the tax rate and adopt the new tax rate.
Here is a look at the city’s property tax rate over the years: