Collin County Commissioners started wrapping up budget season this week with the first of two public hearings on the proposed 2018 property tax rate.
Public hearings on the tax rate were scheduled Sept. 5 and 11 at Collin County Courthouse in McKinney. A public hearing on the proposed 2018-’19 budget is set for Sept. 18, after which the tax rate and budget will be formally adopted.
The county tax rate is being lowered again this year, to 19.2246 cents per $100 assessed valuation. The levy is equal to the effective rate, or the rate at which an entity generates the same amount of revenue as it did in the prior year on existing property.
A homestead exemption of five percent of the value of a residence, with a $5,000 minimum, will be granted again this year.
By Joe Reavis • [email protected]