Editor's note: This article has been updated to reflect the approved ceiling tax rate of $0.54199 for Fiscal Year 2018-19. City Council will disucss lowering the FY 2018-19 tax rate during a budget work session Friday, Aug. 10. Council will approve the FY 2018-19 tax rate and budget in September. 

McKinney City Council unanimously approved a ceiling tax rate of $0.54199 for Fiscal Year 2018-19 during a meeting Monday. The ceiling tax rate, which is required by state law, is the highest amount that can be adopted at the completion of the budget process.

"This ceiling vote puts into motion the tax rate and budget public hearing process that will occur during the next six weeks to get to the final approval budget," Denise Lessard, McKinney communication and media manager, said in an email.

During Monday's meeting, Council also discussed setting a property tax rate of $0.525170 for FY 2018-19. The proposed rate is a $0.015029 decrease from the FY 2017-18 tax rate of $0.540199.

Council will hold a budget work session Aug. 10 at City Hall, 222 N. Tennessee St., McKinney. Three public hearings will be held for the tax rate and budget. The public hearings are as follows:

  • Aug. 21: first public hearing on proposed tax rate

  • Sept. 4: first public hearing on budget and second hearing on tax rate

  • Sept. 17: second public hearing on budget, and budget and tax rate adoption

Here is a look at the city's property tax rate over the years: