Collin County commissioners approved a higher property tax rate for the fiscal year that starts Oct. 1, marking the first increase for county homeowners since 1993. The vote was 4-1 on Sept. 14 and also approved the county budget.
The rate will rise from roughly 14.9 cents to about 15.1 cents per $100 of a home's taxable value. County budget documents describe the change as a 1.39% increase.
The county's median home value is projected at $517,911 for the coming fiscal year, compared with $480,773 previously. Based on the former rate and a 5% homestead exemption, taxes on the median-value home would have been $682.10.
Using the new rate and updated median value, the estimated tax amount is $744.98. That represents an increase of $62.88, according to the budget documents. County Judge Chris Hill cast the only opposing vote.
