The budget allows for a one-cent reduction in the city’s property tax rate
McKINNEY, Texas (Aug. 17, 2020) – The McKinney City Manager proposed a $641 million total budget for fiscal year 2021 that would result in a reduction of the city’s property tax rate. The budget, which includes $159 million in the general fund, would lower the city’s property tax rate from 0.515600 to 0.508645, which is equal to the No New Revenue Rate. The proposed rate means property owners would pay $0.508645 for every $100 of assessed property value. The rate reduction results in about $1.7 million to remain with the taxpayers.
McKinney residents and stakeholders may view the city’s presentation of the proposed budget at www.mckinneytexas.org/budget and are invited to provide feedback before the final budget is scheduled for adoption on Sept. 15. Fiscal year 2021 runs Oct.1 – Sept. 30, 2021.
Public hearings will take place at 6 p.m. Sept. 1 and Sept. 15 at City Hall, 222 N. Tennessee St.
"City staff has worked hard to balance the budget in these times of economic uncertainty. While we anticipate a degree of lost sales tax revenue and various fees and continued economic uncertainty this next year, we have developed a fiscally prudent plan to offset those losses while providing a wide range of quality public services for our fast-growing community,” City Manager Paul Grimes said.
For additional information on the city’s budget, visit www.mckinneytexas.org/budget.