By Joe Reavis
Property values for the city of Murphy were certified and released last week by Collin Central Appraisal District, showing a 9.37 percent increase from 2014.
Value assigned in Murphy is $1.969 billion, of which $37.75 million is attributed to new construction. Average price of a home in Murphy is $313,911.
Residents of Murphy pay taxes to the city, Plano Independent School District, Collin County and Collin College.
Collin CAD released property value estimates in spring, then conduct protest hearings before issuing certified rolls in time for entities to start finalizing budget work. The certified values are used to set property tax rates.
Entities next will receive three property tax rates from the county tax assessor, to be used in determining how much money needs to be raised to fund operations in a new fiscal year. The actual rate is the levy from the previous year, the effective rate represents the levy required to raise the same amount as was generated in the prior year, and the rollback rate is the levy representing an eight percent tax increase that could trigger a tax rollback election.
In 2014, the city of Murphy assessed property taxes at a rate of 55 cents per $100 assessed valuation, a rate that was two pennies less than the prior year.
Property values in Plano ISD increased 7.60 percent over the past year to reach $41.39 billion. Of that increase, $641.55 million is attributed to new construction added to property rolls. The average market value of a home within school district boundaries is $300,940.
Collin County saw property tax values increase 11.04 percent since 2014, to $96.4 billion, with $2.76 billion coming from new construction. The average price of a house in the county is $285,292.
The county assessed property taxes at a rate of 23.5 cents per $100 assessed valuation last year.
Taxable values within Collin College boundaries climbed 11.3 percent to $99.37 billion, with $2.8 billion attributed to new construction. Average price of a house in the college district is $285,292.
Collin College assessed property taxes at a rate of 8.196 cents per $100 valuation last year. The levy has decreased slightly each of the last three years because of rising property values.
Property owners in Murphy must pay taxes to all four entities, the city, school district, county and college, which calculates to a combined rate of $2.31496 per $100 assessed valuation. Taking the average value of a house in Murphy, $313.911, the total tax burden using new valuations and 2014 levies would be about $7,266.91.
Tax bills for 2015, which will be mailed by the county tax assessor in October, will not be determined until each entity sets its rate. Then, the bills may change slightly in November when Texas voters decide to grant themselves an additional $10,000 homestead exemption.
Because homestead exemptions will not be decided until after tax bills are mailed, entities will send bills without accounting for the additional $10,000 exemption and make adjustments after the election.