Collin College trustees propose increasing the property tax rate by a fraction of a penny to help fund a proposed fiscal year 2018-‘19 budget of $285.7 million.
The board of trustees will conduct the first of two meetings on the tax rate at 5:30 p.m. Thursday, Aug. 16 in Collin Higher Education Center, 3452 Spur 399, McKinney. A second public hearing on the tax rate is set for Tuesday, Aug. 21.
Trustees are proposing a 2018 property tax rate of 8.1222 cents per $100 assessed valuation, a little higher than the 2017 levy of 7.819 cents.
Effective tax rate, the levy needed to raise the same amount of revenue as in the prior year, is 7.27052 cents. The rollback rate is 8.1226 cents.
The proposed 2018 tax rate is broken down into 7.8194 cents for maintenance and operations, plus 0.03032 cents for debt service.
Revenues calculated for the 2018-‘19 budget are $287.7 million, slightly more than estimated expenses.
From Staff Reports • [email protected]farmersvilletimes.com
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