Plano City Council received information on the options for a proposed tax rate and 2024-25 Community Investment Program during the Aug. 12 meeting.
The gist
The maximum proposed tax rate for the 2024-25 fiscal year is $0.4176 per $100 of assessed value, which is the same as the adopted rate for the 2023-24 fiscal year, according to the city’s public notice. If the adopted rate is $0.4176 per $100 of assessed value, the maintenance and operations portion of the rate would be $0.3026 per $100 of assessed value and the debt service rate would be $0.1150 per $100 of assessed value.
Although the tax rate would stay level, the amount of tax paid by property owners is expected to increase because of valuations from local appraisal districts. Based on calculations in the city’s public notice, the tax on the average Plano homestead would go from $1,558 for the 2023-24 fiscal year to $1,744 in the 2024-25 fiscal year.
Council can still vote to adopt a rate at or below $0.4176 per $100 of assessed value when it holds a public hearing Sept. 9.
Also of note
Director of Budget and Research Karen Rhodes-Whitley presented the $317.1 million Community Investment Program, which is part of the city’s proposed $756.1 million budget for the 2024-25 fiscal year.
According to city documents, funding includes:
- $213.7 million for public works and engineering projects
- Nearly $78.9 million for parks and recreation projects
- Nearly $20 million for facilities
- Around $4.6 for other projects
What’s next?
A budget workshop is scheduled for Aug. 15 at the Davis Library, which is located at 7501-B Independence Parkway. More information on the budget is available on the city's website.
Council is set to hold a public hearing on the tax rate and budget and consider adoption Sept. 9.
