By John Kanelis
Collin County Commissioners Court is set to approve a fiscal year 2023-24 (FY24) budget along with a tax rate that will increase the tax on the average homestead in the county.
Commissioners will meet Monday, Sept. 11, to conduct a public hearing on the budget and the tax rate before casting their votes on both items.
At issue is a proposed county budget that totals $269.8 million. It is a balanced budget, according to the county’s documentation posted online. The cover of the FY24 proposed budget on the county’s website states it will raise $31,092,122 more than last year’s budget.
New property added to the tax rolls accounts for $11,277,824 of the increase.
The tax rate is continuing its declining trend, according to officials. The FY24 tax rate is 14.93 cents per $100 property valuation, down from the current year’s tax rate of 15.24 cents per $100.
However, the tax on the average homestead increased to $691.15, or $61.25 more compared to last year’s average of $629.90. County-wide the average homestead taxable value for FY24 is $462,793 compared to $413,204 a year ago.
The state defines the No New Revenue (NNR) tax rate as the rate that raises the same amount of property taxes from the same properties in FY23 and FY24. The FY24 NNR tax rate is 13.8 cents per $100 valuation.
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