McKinney's property tax rate for the upcoming fiscal year that starts Oct. 1 is slightly lower than the current rate – but rising property values means homeowners will likely see a higher bill.
The McKinney city council voted unanimously to adopt a tax rate of about 41.2 cents per $100 of a home’s value, down from about 41.6 cents per $100 last year. Property values in McKinney went up 5%, meaning homeowners will likely pay more in taxes under the new rate.
City council member Patrick Cloutier said ahead of the vote that keeping tax rates low is a priority for McKinney.
“To me, it comes down to downward pressure on the property tax rate is so important,” he said.
The council also voted in favor of adopting a $942 million budget that includes funds for 59 new staff roles and about $15.9 million for the city’s controversial regional airport.
Construction of the airport’s new passenger terminal broke ground in July and is expected to finish in 2027.
A North Texas environmental group called the North Texas Conservation Association recently filed a federal lawsuit in an attempt to void the environmental assessment for the airport expansion.
The lawsuit is the latest controversy for the airport project, McKinney voters struck down $200 million in bond funds for expanding the city’s regional airport for commercial use in 2023. The city is still moving forward with the project using other funding, including sales tax dollars.
The city has argued the federal court where the lawsuit was filed lacks jurisdiction over the case.
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