Plano City Council approved a property tax rate decrease for fiscal year 2022-23 that will effectively bring in the same amount of revenue as FY 2021-22.

The council, at its Sept. 12 meeting, adopted the “no new revenue” rate, which will decrease the property tax rate from $0.4465 to $0.4176 per $100 valuation.

The debt portion of the tax rate, however, will increase slightly, from $0.1135 to $0.1150 per $100 valuation.

Homeowners are eligible for a maximum 20% homestead exemption. Residents age 65 and older or who are disabled and have a property tax freeze will also see no increase in their city property taxes.

“Delivering excellent services, facilities and infrastructure at an excellent price, however, is value, and value is not easy to achieve,” Council Member Anthony Ricciardelli said. “I'm convinced that Plano is the best value around, and it got even better this year.”

This year's fiscal budget for 2022-23 totals $677 million.

The 2022-23 Community Investment Program, or CIP, features an obligation bond issuance of $80.68 million to support capital projects with a tax note issuance of $9 million to support technological projects. The total CIP includes $332.7 million for this fiscal year.

This new tax rate along with the operating budget and CIP will go into effect Oct 1.