Government
BY SHELBIE HAMILTON
McKinney leaders increase, approve local tax exemptions disabilities occurred in June 2023, with the exemp- tion increasing from $80,000 to $85,000. The new exemption will go into effect Oct. 1 for fiscal year 2024-25, city documents state. Also of note Council members also approved an ordinance Homestead exemption for eligible residents $60K $80K $100K
McKinney City Council unanimously approved increasing the residential homestead exemption from $85,000 to $90,000 for residents age 65 and older as well as individuals with disabilities during a June 25 special meeting. Council member Charlie Philips was absent for the vote. The specifics For every $5,000 increase in the homestead exemption, eligible homeowners will pay $21 less in taxes at the existing tax rate, and noneligible homeowners will pay $3.34 more in taxes given the tax rate, according to a presentation at a June 18 work session. The city’s tax rate is $0.427513 per $100 valuation. Homestead exemptions allow Texas home- owners to save money on their property tax bills by lowering the property value used to calculate property taxes owed. The last increase to the homestead exemption for residents age 65 and older and those with
$40K
that offers a 100% local property tax exemption for qualified child care facilities in the city, with council member Patrick Cloutier voting against the item. The program is a result of Texas voters approv- ing a constitutional amendment to allow child care facilities to receive local property tax exemptions as part of last November’s election. According to a presentation at the meeting, eligible facilities must: • Be a licensed child care facility • Participate in the Texas Workforce Commission’s Texas Rising Stars program • Have at least 20% of enrolled students who
$20K
$0
2021
2022
2020
2023
2024*
SOURCE: COLLIN CENTRAL APPRAISAL DISTRICT/COMMUNITY IMPACT *NEW RATE EFFECTIVE OCT. 1, 2024
receive subsidized child care through the TWC Out of 17 McKinney child care facilities that participate in the Texas Rising Star program, four are eligible to receive the 100% local property tax exemption, Chief Financial Officer Mark Holloway said. The exemption would redistribute $19,000 of the tax levy, he said.
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