Collin County commissioners approved the county budget and a higher property tax rate in a 4-1 vote on Sept. 14. It is the first rate increase for county homeowners since 1993. Plano is about 6 miles south of Allen.
The rate will move from approximately 14.9 cents to approximately 15.1 cents for each $100 of taxable home value. County budget documents characterize the change as a 1.39% increase. County Judge Chris Hill was the only commissioner to vote against the measure.
The county's projected median home value for the coming fiscal year is $517,911, up from $480,773 previously. At the former rate, with a 5% homestead exemption, the estimated tax on that median-value home would have been $682.10. Under the new rate and updated median value, the estimate is $744.98, or $62.88 more, according to the budget documents.
Source: yahoo.com.
