Plano is about 13 miles south of McKinney. Across the area, Collin County commissioners have approved a property tax rate increase that will take effect with the fiscal year beginning Oct. 1. The 4-1 vote also adopted the county budget, and it marks the first increase for county homeowners since 1993.
The rate will be approximately 15.1 cents for every $100 of taxable home value, up from about 14.9 cents. County budget documents characterize the change as 1.39%. County Judge Chris Hill was the only commissioner to vote against it.
The median home value is projected to reach $517,911 in the coming fiscal year, compared with $480,773 previously. With the former rate and a 5% homestead exemption, the tax calculation for that median-value home would have been $682.10. Applying the new rate to the updated median value produces an estimated bill of $744.98, a difference of $62.88, the budget documents state.
Source: yahoo.com.
