The McKinney city council approved the 2023 budget, and the good news is that property tax rates will go down. The deducted rate is a part of McKinney’s fiscal year budget of $652 million.
According to McKinneytexas.org (via NBCDFW), the council lowered the property tax rate from $.497655 to $.457485 per $100 of assessed value. But the city approximates $190.6 million will still be added to the general fund despite lowering the rate.
The McKinney budget department oversees the preparation of the budget every year and presents it to the city council. City council then reviews and adopts the budget for the following fiscal year.
McKinney City Council’s new budget will also include staffing needs: Fifty additional city staff members have been approved and will be added to the general fund. The 50 staff members will include 16 police department staff as well as 11 fire department, four developmental services, eight parks and recreation and 11 supporting department positions. The budget shows an approximate 11.3% increase from the fiscal year 2021-22. The growth is associated with new and existing property tax and growth in sales and use taxes.
“The adopted budget represents the efforts and input from citizens, the City Council, city staff, and other stakeholders,” said City Manager Paul Grimes. “McKinney continues to find ways to balance the demands for city services and capital project investments toward our future with the economic challenges that a high inflation environment brings to our taxpayers. There is no perfect answer, but we think this budget weighs that balance fairly.”
The McKinney City Council lowered the tax rate last fiscal year as well from $0.508645 per $100 of assessed property value in 2020-2021 to $0.497655 for 2021-2022.
The new budget for the upcoming fiscal year can be found on the city of McKinney’s website.