NTXIF 2024

Tax bills already reflect lower rates

by | Jan 3, 2024 | Latest, news

Pay online, don’t stand in line. That’s the message from Collin County Tax Assessor-Collector Kenneth Maun, who reminds property owners that 2023 taxes are due Wednesday, Jan. 31, 2024.

More than 450,000 tax notices mailed last October already included rate reductions approved by the Legislature as a proposed constitutional amendment put to voters on Nov. 7

“We were instructed by the Legislature to include the tax cuts in this year’s notices in the hope that the bill would be passed,” Maun said.

The $18 billion property tax-cut package known as Proposition 4 was indeed passed — by more than 80% of voters.

It provided $7.1 billion for school districts to lower their tax rates by replacing local revenues they would have collected with state dollars. Known as “compression,” it lowered the tax rates school districts use to pay for operating costs by 10.7 cents for every $100 of property value.

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