Collin County residents are going to need to get ready to pay more taxes after commissioners voted to maintain the county’s current property tax rate, an effective tax increase because of skyrocketing home values.
North Texas (save for Dallas proper) has been benefiting from an influx of new residents from around the country in recent years. However, the population boom has been having an impact on the housing market, squeezing out many buyers and driving prices up.
In contrast, officials in Tarrant County have been advancing measures to provide homeowners with property tax release, as previously reported by The Dallas Express.
Population pressure is also forcing officials all over the metroplex to consider how to balance their budgets amid a greater need for services.
Here’s some of what KERA News reported on the situation in Collin County:
Collin County’s growing population needs more services – and that’s leading to higher tax bills for homeowners as the county addresses budget needs for the upcoming fiscal year.
Collin County commissioners this week voted 4-1 to approve a budget of $531.8 million and a maintain the current property tax rate of $0.149 cents per $100 of a home’s value for the fiscal year that starts Oct. 1.
County Judge Chris Hill was the only one to vote against the tax rate and budget. He said he didn’t want to raise taxes. Even though the property tax rate stayed the same because the average home appraisal increased, most Collin County homeowners will see their tax bills go up.
“I’m not going to raise taxes,” Hill said.
The average home in Collin County is $599,916 according to the county appraisal district. That’s up 2.9% from the previous year, meaning the average homeowner in Collin County will likely see their tax bill increase because the taxable value on their home increased.