By Joe Reavis
Certified property values released last week by Collin Central Appraisal District show the city of Wylie topped $3 billion in values this year and Wylie Independent School District surpassed $4 billion.
In addition, Collin County and Collin College are each nearing the $100 billion mark.
Collin CAD released property value estimates in spring, then conducted protest hearings before issuing certified rolls in time for entities to start finalizing budget work. The certified values are used to set property tax rates.
Entities next will receive three property tax rates from the county tax assessor, to be used in determining how much money needs to be raised to fund operations in a new fiscal year. The actual rate is the levy from the previous year, the effective rate represents the levy required to raise the same amount as was generated in the prior year, and the rollback rate is the levy representing an eight percent tax increase that could trigger a tax rollback election.
Property values in Wylie ISD increased by 10 percent over the past year to reach $4.29 billion. Of that increase, $168 million is attributed to new construction added to property rolls. The average market value of a home within school district boundaries is $210,596.
In 2014, the school district assessed property taxes at a rate of $1.64 per $100 assessed valuation, which has remained constant since 2010. Levy on an average priced house would be about $3,450.
The city of Wylie saw its property values increase by 11.58 percent, to a total of $3.03 billion this year, of which $83.9 million is from new construction. Average market value of a home in the city is $189,171.
Wylie assessed property taxes at a rate of 87.89 cents per $100 assessed valuation last year, a rate that has decreased slightly over the last three years to stay out of rollback range because of increasing property values.
In addition to city and school district taxes, Wylie property owners also must pay levies to Collin County and Collin College.
Collin County saw property tax values increase 11.04 percent since 2014, to $96.4 billion, with $2.76 billion coming from new construction. The average price of a house in the county is $285,292.
The county assessed property taxes at a rate of 23.5 cents per $100 assessed valuation last year.
Taxable values within Collin College boundaries climbed 11.3 percent to $99.37 billion, with $2.8 billion attributed to new construction. Average price of a house in the college district is $285,292.
Collin College assessed property taxes at a rate of 8.196 cents per $100 valuation last year. The levy has decreased slightly each of the last three years because of rising property values.
Property owners in Wylie must pay taxes to all four entities, the city, school district, county and college, which calculates to a combined rate of $2.79586 per $100 assessed valuation. Taking the average value of a house in Wylie ISD, $210,596, the total tax burden using new valuations and 2014 levies would be about $5,887.
Tax bills for 2015, which will be mailed by the county tax assessor in October, will not be determined until each entity sets its rate. Then, the bills may change slightly in November when Texas voters decide to grant themselves an additional $10,000 homestead exemption.
Because homestead exemptions will not be decided until after tax bills are mailed, entities will send bills without accounting for the additional $10,000 exemption and make adjustments after the election.