The 2023 budget approved by the McKinney City Council Tuesday includes a drop in the city's property tax rate.
The City Council dropped the property tax rate four cents from $.497655 to $.457485 per $100 of assessed property value.
According to Zillow, the average home price in McKinney is $562,000. For someone whose home is valued at that price, the drop in the property tax rate would save $224 per year.
The drop in the property tax rate is part of the city's Fiscal Year 2023 budget of $652 million. Even with the reduction, the city said they will still be able to add $190 million to the general fund.
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The city said the budget also approved funding for 50 additional city staff members to be added to the general fund next fiscal year. This includes 16 additional staff in the McKinney Police Department, 11 in the McKinney Fire Department, eight in Parks and Recreation, four in Development Services, and 11 will support various city departments.
"The adopted budget represents the efforts and input from citizens, the City Council, city staff, and other stakeholders," City Manager Paul Grimes said. "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."
For additional information on the city's budget, visit www.mckinneytexas.org/budget.
