Farmersville Lights 300 x 250

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.

To read the full story subscribe to The Wylie News.

Best of 2025 Leaderboard

0 Comments

Subscribe RH Love

Related News

Boys’ Soccer Preview: Wylie East

Boys’ Soccer Preview: Wylie East

Wylie East senior Nick Nobleza (7) shares a huge with junior Joel Gonzalez (11) after making a play during a Tuesday, Jan. 7 game against Plano. Senior Sean Burkett (6) walks in to congratulate Gonzalez. Photo by Tina Lopez / C&S Media By David Wolman...

read more
Commissioners court addresses key items

Commissioners court addresses key items

The Collin County Commissioners Court convened for its first meeting of 2025 on Monday, Jan. 13, addressing a range of topics across several county departments and agencies.  In addition to the regular business of the commissioners’ court, the meeting included...

read more
Forrester will not seek reelection 

Forrester will not seek reelection 

Wylie Mayor pro tem Jeff Forrester has announced he will not seek reelection to Place 3 on city council. In an email Jan. 9, Forrester said he will not file for re-election and instead challenged others to serve the community. “It has been an incredible honor to serve...

read more
Toy museum makes space for nostalgia

Toy museum makes space for nostalgia

Stephen Gardner, owner and operator of The Best Little Toy Museum in Texas, stands in his St. Paul museum which holds his 20,000-piece collection of toys and memorabilia. Allison LaBrot/The Wylie News For some, the magic of toys does not fade when Santa stops coming....

read more
Filing for city council election opens Jan. 15

Filing for city council election opens Jan. 15

The filing period for the city of Wylie’s May 3, 2025, city council election officially opens Jan. 15.  This marks the beginning of the process for residents interested in running for one of two available city council seats up for election: Place 1, currently...

read more
Old laws get new provisions

Old laws get new provisions

Most of the more than 1,000 bills the 88th Texas Legislature passed in 2023 took immediate effect or were implemented in 2024, but a handful of new laws took effect as 2025 began. Most non-commercial Texas vehicles no longer require a vehicle safety inspection. The...

read more
Texas’ 89th Legislature commences Jan. 14

Texas’ 89th Legislature commences Jan. 14

As Texas lawmakers prepare for the 89th Legislature to convene on Tuesday, Jan. 14, hundreds of bills have been filed, signaling the start of the 140-day regular session.  Every two years, the Texas Legislature meets in Austin for a session that allows lawmakers to...

read more
Order photos