Commissioners in their Sept. 13 meeting adopted a $411 million budget for fiscal year 2021-22. The FY 2021-22 general fund is set at $236.3 million.
A new property tax rate of $0.168 per $100 valuation was also approved, down from $0.1725 per $100 valuation from the past fiscal year. Adoption of the new rate marks the 29th year without a tax rate increase in Collin County, according to Director of Budget and Finance Monika Arris.
Still, the county continues to see increased revenue from property taxes due to rising property values.
“The revenues have gone up,” Arris said. “That’s based off of the value of the properties in Collin County—residential and commercial—as all of our new growth that we've had."
The FY 2021-22 budget will raise more total property taxes than last year's budget by roughly $7.64 million, or 3.19%, according to the budget. From that amount, about $8.45 million is tax revenue to be raised from new property added to the tax roll this in 2021.
Despite a lower rate, the average value of a home in Collin County is valued at $396,584, according to the Central Appraisal District of Collin County. That number is a 6.3% increase from the prior year’s average home value.
Collin County residents will see a roughly 3.6% jump in county property taxes, Arris’ presentation indicated.
County Judge Chris Hill noted as the population in Collin County continues to rise, the county will continue to see rising revenue from property taxes despite not raising the tax rate.
“Even though we take the same amount of taxes from each family because the population is going up, there are more families paying that amount,” Hill said. “As we have more population that requires services, we also have more population paying taxes.”