Some McKinney residents could see their property taxes go down next year.
McKinney City Manager Paul Grimes announced Aug. 17 the fiscal year 2020-21 budget would include a proposed property tax rate of $0.508645 per $100 valuation. The city’s current property tax rate is $0.5156 per $100 valuation.
“City staff has worked hard to balance the budget in these times of economic uncertainty,” Grimes said in a statement. “While we anticipate a degree of lost sales tax revenue and various fees and continued economic uncertainty this next year, we have developed a fiscally prudent plan to offset those losses while providing a wide range of quality public services for our fast-growing community.”
The new rate is equal to the no-new-revenue tax rate under state law because it generates the same amount of property tax revenue from the same properties this year as it does in the upcoming budget year for the city. The change in an individual homeowner's tax bill to the city will depend on the change in their appraised value, which is set each year by the Collin Central Appraisal District.
