Subscribe RH Love

Proposed tax rate approved by city council

by | Aug 21, 2024 | Latest, news

As part of the annual budget process, Wylie City Council approved a proposed tax rate of $0.534301 per $100 of valuation for the 2024-25 (FY25) budget Tuesday, Aug. 13. 

This rate, according to city documents, is $0.004581 less than the current rate and the proposed budget is based on the new rate. 

This proposed rate is higher than the no-new-revenue tax rate of $0.507537, which would generate the same amount of property tax revenue from the same properties as in the 2023 tax year.

Although the proposed tax rate is equal to the voter-approval rate, which is the maximum rate the city can adopt without requiring voter approval, no election will be necessary. 

The comparison of the tax rates for the average residence homestead reveals significant changes. 

In 2023, the total tax rate was $0.538882 per $100 valuation. 

As stated previously, the proposed rate for 2024 represents a decrease of $0.004581 per $100, or approximately 0.85%. However, the average taxable value of a homestead has increased from $377,019 in 2023 to $424,528 in 2024, a rise of 12.60%. 

Consequently, the tax on the average homestead will increase by $236.57, or 11.64%, from $2,031.69 to $2,268.26.

The total tax levy for all properties is expected to rise by $3,108,597, or 8.14%, reflecting the increased revenues proposed by the city.

To read the full story subscribe to The Wylie News and stay informed about your community.

By Mike Albanese and Chad Engbrock

Subscribe RH Love

0 Comments

Subscribe RH Love

Related News

Citizens sound off at council meeting

Citizens sound off at council meeting

McMillen Road was originally slated to be completed in May 2025. Chad Engbrock / The Wylie News  McMillen Road construction delays cause frustration for home, business owners Attendance at last week’s Wylie City Council meeting was higher than usual, largely...

read more
Wylie ISD begins budget planning

Wylie ISD begins budget planning

The routine business of charting the financial direction of Wylie Independent School District is in progress and included a budget presentation at last month’s board of trustees meeting. As Wylie ISD prepares for the 2025-26 fiscal year, administrators are building a...

read more
Early voting begins April 22

Early voting begins April 22

Residents from Collin County cities with upcoming general elections will head to the polls later this month to begin the early voting process to elect city council members and Collin College trustees in contested races.  The first day of early voting is Tuesday,...

read more
Final scores for week of April 7-12

Final scores for week of April 7-12

Wylie East senior Alex Herod makes contact with the ball during Friday's home game against Rowlett. Photo by Elijah Kloepping / C&S Media From Staff Reports Final scores for games played by Wylie and Wylie East from April 7-12: Friday, April 11 Baseball Rowlett 2,...

read more
Order photos