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Posted on: August 11, 2023

McKinney residents to see lower city property tax rate if proposed budget passes

Proposed budget allows for a nearly three-cent reduction in the city’s property tax rate

McKINNEY, Texas (Aug. 11, 2023) – McKinney’s City Manager proposed an $849 million total budget for Fiscal Year 2024. The budget, which includes $202 million in the general fund, represents an increase of 2.34% above the current property tax levy and would lower the city’s property tax rate from 0.457485 to 0.427513. The proposed rate means property owners would pay $0.427513 for every $100 assessed property value.

McKinney residents and stakeholders are encouraged to provide feedback on the city’s proposed budget at before the final budget is scheduled for adoption on Sept. 5. The 2024 Fiscal Year is Oct. 1 – Sept. 30, 2024.

“The proposed budget is a reflection of the valuable input provided by our community, as well as our unwavering commitment to accountability, transparency, and engagement. Our top priority is to continue providing essential services while investing in the future of our community, as envisioned by our mayor and City Council,” said City Manager Paul Grimes. “We are confident that this budget will effectively enable us to achieve our shared goals.”

A public hearing will occur at 6 p.m. Sept. 5 at City Hall, 222 N. Tennessee St.

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