Plano is about 16 miles south of Prosper. Collin County homeowners will see a higher property tax rate after commissioners approved the change and the county budget in a 4-1 vote on Sept. 14. The fiscal year begins Oct. 1.
The rate will move from roughly 14.9 cents to about 15.1 cents for each $100 of taxable home value. County budget documents classify the change as a 1.39% increase. County Judge Chris Hill cast the only opposing vote.
The county's projected median home value for the coming fiscal year is $517,911, up from $480,773 previously. With the former rate and a 5% homestead exemption, taxes on the median-value home would have been $682.10. Under the new rate and updated median value, the estimated tax is $744.98, according to the budget documents. The increase is $62.88.
The rate increase is the first for county homeowners since 1993.
