Understanding property taxes is essential for families relocating to McKinney, Texas, as they significantly impact homeownership costs. Here's a comprehensive guide to help you navigate the property tax landscape in McKinney.
1. Components of Property Taxes in McKinney
Property taxes in McKinney are determined by several taxing entities, each setting its own rate per $100 of assessed property value:
City of McKinney: For the fiscal year 2024, the city's total tax rate is $0.415513, comprising:
Maintenance & Operations: $0.278935
Interest & Sinking (Debt): $0.136578
McKinney Independent School District (MISD): The tax rate for the 2023–2024 fiscal year is $1.1275.
Collin County: The county tax rate is $0.149343.
Collin College: The tax rate is $0.081220.
These rates combine to form the total property tax rate applicable to homeowners in McKinney.
2. Calculating Your Property Tax
Property taxes are calculated based on the assessed value of your property and the combined tax rates:
Example Calculation: For a home assessed at $400,000:
Total Tax Rate: City ($0.415513) + MISD ($1.1275) + County ($0.149343) + College ($0.081220) = $1.773576 per $100 of assessed value.
Annual Property Tax: ($400,000 / $100) * $1.773576 = $7,094.30.
3. Property Tax Exemptions
To reduce taxable value, homeowners may qualify for exemptions:
Homestead Exemption: Reduces the taxable value of a primary residence. Collin County offers a 5% exemption (minimum $5,000) for general homestead.
Over-65 Exemption: An additional $30,000 exemption for homeowners aged 65 or older.
Disability Exemption: An additional $20,000 exemption for qualifying disabled homeowners.
These exemptions can significantly lower your annual property tax bill.
4. Applying for Exemptions
To apply for exemptions:
Deadline: Applications are typically due between January 1 and April 30. Late applications may be accepted up to one year after the delinquency date, usually February 1.
Collin County Appraisal District
Process: Submit the appropriate forms to the Collin Central Appraisal District.
5. Payment of Property Taxes
Property tax bills are issued annually:
Due Date: Taxes are due upon receipt of the bill and become delinquent if not paid by January 31 of the following year.
Payment Options: Payments can be made online, by mail, or in person at the Collin County Tax Office.
6. Impact on Relocation Decisions
Understanding property taxes is crucial when relocating, as they affect overall housing costs. McKinney's property tax rates are competitive within the North Texas region, but it's essential to factor these costs into your budget.
7. Additional Resources
For more information:
Collin Central Appraisal District: Provides details on property valuations and exemptions.
Collin County Tax Assessor-Collector: Handles tax billing and collections.
By familiarizing yourself with McKinney's property tax structure and available exemptions, you can make informed decisions and effectively plan your finances when moving to the area.
Call us at 469-269-6541 for more information about McKinney real estate!
About us: McKinney New Construction Expert Real Estate Agent
As a Top Real Estate Professional in McKinney, I understand the challenges that arise when buying a new construction home. There are over 100 builders in the DFW area. I work with most of the new home builders in McKinney and understand how various builders operate. I am familiar with the options they offer, current incentives and I frequently visit the upcoming communities they are building. I guide my clients through all steps of the new home construction process and aggressively protect their interests in the transaction.
As a holder of top real estate industry certifications and designations like CRS, ABR & GRI, I can offer my clients experience as a Buyer's Agent and REALTOR®, top Industry Customer Service, in-depth, up-to-the-minute and comprehensive market knowledge; honesty, integrity, dedication, and professionalism in my business.
Whether you are a first time buyer in McKinney looking to buy a home in Fields or whether you are relocating to McKinney from California or moving your entire family from areas like San Francisco, Fremont, Palo Alto, Los Angeles, San Diego in California due to job transfer with your company, I can help you find a new construction home in Fields in McKinney. Our relocation team eases the transition - whether you are moving across town or across the globe. We will work with you to find an area that best suits your professional, family and lifestyle needs. We have all the tools you need to help your home search. Whether it is video previews of homes, extended work hours, digital signatures for documents or more, we can make this process as comfortable as possible no matter where you are located.
What is most important to you in your new construction home in Fields in McKinney? Send us an email at info@NitinGuptaDFW.com or give us a call at (469) 269-6541 to schedule a no obligation consultation. We’ll give you honest advice about Fields community that you can use to help make your home buying decision.
