Government
BY ALEX REECE
Prosper sees lowest tax rare since 2007 Prosper officials are investing in public safety programs and town staff in the fiscal year 2024-25 budget, which will go into effect Oct. 1. Prosper Town Council members approved a $102.62 million total budget and a $0.505 per $100 valuation property tax rate for fiscal year 2024-25 during a Sept. 10 meeting.
Celina’s new budget plans for growth Celina City Council approved additional funding for several city departments in its fiscal year 2024-25 budget. Council members approved a $54.32 million general fund budget and a roughly $0.60 per $100 valuation tax rate for fiscal year 2024-25 during a Sept. 10 meeting. The gist Included in the budget is a new $0.598168 per $100 valuation property tax rate, a roughly $0.01 drop from last year’s $0.612154 per $100 valuation. Despite the lower rate, city officials expect to raise more in revenue thanks to projected population growth. Over 11,000 new resi- dents are expected to bring in $8.3 million in property tax revenue.
The details The new property tax rate is the town’s lowest since FY 2006-07, according to budget documents. Town officials still expect to receive more revenue from property tax payments as property values rise and the town’s population climbs. Some qualifying Prosper residents could also benefit from the town’s homestead exemption rate, which was raised from 15% to 17.5% in June for property taxes due in 2025. Property taxes are the main revenue source for the town’s general fund, which pays for day-to-day government operations.
Prosper's property tax rate*
$0.55
$0.5
$0.52
Prosper's proposed property tax rate for fiscal year 2024-25 is the first decrease since 2021.
$0.505
$0.499
$0 $0.45
2006-07
2010-11
2015-16
2020-21
2024-25
*PER $100 VALUATION
SOURCE: TOWN OF PROSPER/COMMUNITY IMPACT
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