The proposed tax rate is $0.54218 per $100 of assessed value.
What you need to know
The property tax rate is segmented into two portions. The maintenance and operations portion, which is used to fund city operations, is $0.32439 per $100 of assessed value. The interest and sinking, also called debt services, is used to pay city issued-debt and is $0.21779 per $100 of assessed value.
Along with city property tax, residents in the Dallas County portion of Richardson also pay Richardson ISD, Dallas County, Dallas College and Parkland hospital for a total estimated property tax rate of $2.165775 per $100 of assessed value, according to a city presentation. Collin County residents also pay property taxes to Plano ISD, Collin County and Collin College for a total estimated rate of $1.812393 per $100 of assessed value.
What else
The proposed rate is the same as the current tax rate but is lower than the 2006 tax rate, which increased because of the bond, City Manager Don Magner said.
Additionally, the total certified value for the city is down 1.3% to $23.9 million, largely because of a mistake in the tax roll from Collin County Appraisal District.
What’s next?
Council will hold a public hearing on the $418 million budget for FY2025-26 during the Sept. 15 meeting. After the hearing, council will adopt the tax rate and budget, which will take effect in October.
