On Feb. 22, Plano City Council approved an estimated exemption of roughly $67,000 in city taxes. In total, exemptions from the three participating tax entities—the city of Plano, Plano ISD and Collin College—add up to more than $276,000. Collin County has its own program for tax reductions related to historic properties.
The tax exemptions serve as an incentive for owners of historic structures to preserve and maintain their properties, per city documentation.
Participation in the program is voluntary, and roughly 50%-60% of the city's historic properties participate each year, according to Mike Bell, comprehensive planning manager and staff liaison to the Plano Heritage Commission.
Tax exemptions are weighted ub the historic significance of properties and are reevaluated each year and with the property taxes on the structures and improvements, according to the city. This year's exemptions ranged from $7 to upward of $10,000 across the three participating entities.