Frisco City Council members approved a property tax rate of $0.4466 per $100 property valuation on Sept. 20 for the upcoming fiscal year, according to the city’s budget document.
The 2022-23 fiscal year budget will feature the same property tax rate as the previous five years while citywide property valuation is estimated to rise about 15.61%, according to the budget document. The tax rate will raise more revenue from property taxes than last year by about $19.7 million with new properties contributing about $7.3 million to that figure.
The Collin Central Appraisal District determined the average market value for a home in Frisco was $639,583, according to its 2022 appraisal roll. A homeowner with property valued at $639,583 would pay about $2,856 in city taxes.
A tax rate freeze for homeowners older than age 65, approved in June, is included in the proposed 2022-23 fiscal year budget along with a senior homestead exemption of $80,000. Council members also approved an increase in the regular homestead exemption from 10% to 12.5% during the same meeting in June, according to the budget document.
