The Challenge of Growth
Collin County’s growth is a product of a friendly economic environment that fosters innovation and attracts new jobs.
However, with tremendous growth come challenges to the very same principles that have made our prosperity possible. And one of the greatest challenges we face is keeping your property tax bill in check.
A Record of Tax Cuts
This year the Collin County Commissioners Court was able to drop your tax rate by a full penny, to 22.5 cents from 23.5 cents per hundred dollars in value. That is a large percentage decrease.
In fact, the Commissioners Court has lowered the property tax rate five times over nine years and, in 2009, the court also instituted a 5% homestead exemption.
Property Values and Property Taxes
Your property tax bills are difficult to predict from year to year and have little to do with your ability to pay out-of-pocket. No one should be forced to sell a home because of an unforeseen increase in property tax.
Area home prices are at record highs, and there is no near-term sign that their upward trajectory will change. What impact will increased property values have on your tax bill?
As your tax bill grows, local governments can still claim credit for not increasing tax rates.
Our county budget shouldn’t grow by 10 percent simply because we rake in the additional revenues while proclaiming that we didn’t raise the tax rate.
The Case For Another Cut
Because new properties are helping shoulder the total tax burden, the county’s revenues should be sufficient, even with another cut in tax rates.
If we do nothing, homeowners will suffer, and so will our economy.
People are choosing to live in Collin County because we offer economic opportunity, a high standard of living, and low tax rates.
Let’s not undo the economic progress we have made.
*Your county rate is only a small percentage of your combined tax rate, less than 10 percent of the total rate.
**To find your total tax rate, visit http://www.collincad.org/ccad/reports/rates_exemptions.php?year=2014).