After reviewing new property valuation projections, the city of Plano’s budget department officials now believe $224 million in city bond proposals on the May 6 ballot would likely have no effect on the city’s property tax rate.
Budget Director Karen Rhodes-Whitley on Tuesday said the city received new projections late last week from appraisal districts in Denton and Collin counties, altering the assumptions in the city’s model that estimates the effect of new debt on the tax rate. Previously, officials expected the 2021 tax rate to climb by 0.43 cents per $100 if voters approved all six bond propositions in May.
The projections are based on preliminary appraisal values, which could change again before the final tax rolls are certified later this year.
The city’s model now assumes $1.2 billion in new property, a jump from $1 billion in the previous model, Rhodes-Whitley wrote in an email. The model further expects the city’s existing property value to rise by 5 percent, up from the prior assumption of 4 percent. About $37.5 billion of total value is expected to come online in the coming year, up from $36.7 billion, Rhodes-Whitley said.
Budget officials have said these projections are subject to change as new economic realities come to light. The tax rate increase the city had previously anticipated would have raised annual property taxes for the average Plano household by $12.84.
The preliminary appraisals for Collin County will not be public until May 1, a spokeswoman for Collin Central Appraisal District told Community Impact Newspaper.
A preliminary appraisal report for Plano’s Denton County properties is available here.
Editor’s note: This story has been updated to include information from appraisal districts in Collin and Denton counties.