New property value numbers released

by | Aug 6, 2020 | Latest

A new set of property value numbers certified by Collin Central Appraisal District this week favor taxing entities as the values increased almost across the board from estimates released in the spring.

Cities, schools and other entities calculate their property tax rates based on certified values, but will make do this year with certified estimates that have been updated from the estimates released by CCAD in April. The CAD released the revised estimates Tuesday.

Because of the COVID-19 pandemic, deadlines to file property value protests were extended a month until June 15, which delayed the appraisal district from conducting protest hearings. Subsequently, CCAD was not been able to certify 2020 values by the statutory deadline of July 25.

The revised estimates show that property values in Collin County increased 4.86 percent, whereas the spring estimate indicated a 4.53 percent increase.

In a rapid growth area such as Princeton, the increase in property values went to 18.1 percent from the spring estimate of 13.38 percent.

Collin County Tax Office will issue tax rate calculations for entities, giving political bodies a starting place from which to set the 2020 levies. The tax office numbers will include a “no new revenue” tax rate, formerly known as the effective tax rate under which tax bills do not increase on existing property.

From Staff Reports • [email protected]

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