Inquiries concerning Collin County's development, fiscal policies, and related costs? KERA's Caroline Love offers assistance in addressing these issues
In Collin County, the rapid population growth has led to an increasing demand for services, making it challenging to maintain the no-new-revenue rate. This rate, which keeps property tax revenue the same despite rising home values, has been a mainstay in the county for some years. However, the county commissioners have chosen to maintain the property tax rate from the previous year instead.
Property taxes in Collin County are determined by a home's taxable value, set annually by the county appraisal district. If a home's value increases, so does the taxable value, leading to higher property tax bills, even with a lower property tax rate.
Local authorities, including the Collin County Commissioners Court, have responded to the rising costs associated with the region's growth by increasing income tax-related payments. This strategy, however, does not address the issue of property taxes.
A potential solution to this dilemma could come in the form of a constitutional amendment on the November ballot. This amendment would allow a homeowner to have up to $140,000 of their property's value exempt from being taxed. More value-exempt means less taxable value for local government, potentially requiring a higher property tax rate to get the same amount of revenue.
The homestead exemption, currently allowing a homeowner to have up to $100,000 of their property's value exempt from being taxed by a taxing entity, already plays a role in property taxes. To be eligible, the property must be at least 20 acres and proven to be the primary residence.
The county budget is funded primarily by property taxes, including funds for the sheriff's office and the jail. The Collin County jail is currently under construction and has been experiencing issues with overcrowding. This overcrowding has led to concerns from Sheriff Jim Skinner, who has stated that some decisions have made the jail a more dangerous place.
The overcrowding issue also means a need for more detention officers. However, disagreements between Sheriff Skinner and county commissioners over the need for more detention officers to manage the jail have not been resolved.
Cities in Collin County are handling the challenge of growth by maintaining affordable property tax rates. Despite the potential for increased property tax bills due to rising home values, Collin County continues to strive for financial stability in the face of its growing population.
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