If the ordinance is approved, eligible homeowners could see a decrease in their property taxes while non-eligible homeowners could see an increase, according to city documents. Council members are scheduled to discuss the item during a June 17 meeting held at McKinney City Hall.
The gist
McKinney’s homestead exemption for residents who are disabled or over 65 years old currently stands at $90,000. Council voted unanimously last year to approve a $5,000 increase in June.
For every $5,000 increase, eligible homeowners would pay $21 less in taxes at the current tax rate, according to city documents. Non-eligible homeowners would pay $3.26 more in taxes at the current rate. At the current exemption level of $90,000, non-eligible homeowners pay $56 more in taxes per year at the current tax rate.
Council members have voted to increase the homestead exemption in 2024, 2023 and 2022. The council will discuss and vote on the ordinance ahead of an upcoming Collin Central Appraisal District deadline.
The CCAD must receive notice of the homestead exemption increase before July 1 in order for it to be effective Oct. 1 for 2025 taxes, according to city documents.
Also on the agenda
During a special session that will be held before the regular meeting, council members will certify election results from the runoff for McKinney Mayor and the At-Large 1 seat on City Council.
Council-elect Ernest Lynch won the runoff for the At-Large 1 seat after receiving 11,852 votes which represents 62.64% of the total vote, according to unofficial results from Collin County. Mayor-elect Bill Cox won the runoff for McKinney Mayor after receiving 11,401 votes which represents about 52.55% of the vote.
During the regular meeting, council members will also consider an agreement with engineering and planning firm Garver for design services related to rehabilitation of a portion of Taxilane A at McKinney National Airport. Officials intend to rhabilitate old pavement and construct a new taxiway connector to Taxilane A, according to a presentation attached to the agenda.
Get involved
McKinney City Council is scheduled to meet at 3 p.m. for the special meeting and at 6 p.m. for the regular meeting on June 17. Both meetings will take place at McKinney City Hall, located at 401 E. Virginia St.
The meetings will be livestreamed for those unable to attend in person. For more information about McKinney City Council meetings, visit www.mckinneytexas.org/1168/council-meetings.
