Hilco Real Estate 6-2024

Council sets public hearing for FY24, tax rate

by | Aug 16, 2023 | Latest, news

With the budget process winding down, Wylie council will hold a public hearing on the proposed tax rate for fiscal year 2023-24 (FY24).

The required hearing on Tuesday, Aug 22 will allow citizens to express their approval or opposition to the proposed rate of $0.538882 before the rate is adopted.

The rate is applied to each $100 valuation of real property in the city to determine FY24 property tax revenue,

Each year, prior to the city officially setting its tax rate, the Collin County tax office determines a no-new revenue tax (NNRT) rate for each municipality. 

A NNRT rate is the tax rate for the 2023 tax year that will raise the same amount of property tax revenue for the city from the same properties in both the 2022 and 2023 tax year.

Wylie’s NNRT rate for 2023 was calculated at $0.508882.

The city’s FY24 budget was based on a rate of $0.528882, which was comprised of the NNRT rate plus two cents for voter approved debt according to city officials.

During Wylie council’s Aug. 8 regular meeting, Mayor Matthew Porter explained property tax revenue projections from the county were initially estimated higher when the city began developing its FY24 budget. Final county projections were lower, a primary reason council adopted a rate of $0.538882.

The vote to accept the rate passed by a margin of 6-1 with council member Scott Williams opposing.

Collin County also calculates a voter-approval tax (VAT) rate for each city.

The VAT rate is the highest tax rate a city may adopt without holding an election to seek voter approval for the rate. Wylie’s VAT is $0.594366, well below the proposed rate of $0.538882.

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