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Could county taxpayers see a rate cut this year?
In Tuesday's budget hearing discussion, the Collin County Commissioners Court discussed several tax cut scenarios.
Judge Keith Self sparked the discussion by noting that according to county budget director Rodney Rhoades, the county could cut its current $.245 property tax rate by a quarter cent to $.2425 per $100 valuation and still maintain a 120 day cash reserve for the next 5 years. Judge Self stated this rate cut would cost the county $4 million in lost revenue.
Commissioner Jaynes pointed out that because of increased valuations, a quarter cent cut in tax rates would still mean a tax increase for the average county taxpayer. Jaynes said that it would take 4 times that amount or a penny tax rate cut before most citizens saw smaller tax bill.
Instead, Commissioner Jaynes proposed a Homestead Exemption of $10-15 thousand for all homeowners. Jaynes argued that a $10,000 exemption would translate into a real $2.20 tax cut for the average taxpayer.
The court instructed Mr. Rhoades to investigate and report on the financial implications of both the homestead exemption and a larger tax rate cut in time for the next public hearing on September 4th.
Frank Vest, Collin County Station
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