Plano City Council discusses property tax rates and assessed property values for 2023

Property taxes and assessed property values took center stage at the City of Plano Council meeting on July 30, 2025, as officials outlined the upcoming tax rate and budget implications for residents. The city has maintained a tax rate of 41.76 cents for the past four years, which includes 30.26 cents for operations and maintenance and 11.5 cents for debt service.

City officials revealed that the average market value of homes in Plano has risen to $591,947, marking a 2.1% increase from the previous year. More significantly, the average taxable property value has jumped 8.1%, from $417,000 to $452,000. This increase translates to an average property tax bill rising from $1,744 to $1,888, or about $12 more per month for homeowners.

The total assessed property values in Plano reached an impressive $64.6 billion, with existing property values increasing by $1.7 billion and new properties contributing an additional $650 million. The overall property tax roll saw a 3.79% increase, reflecting the stabilization of home values post-COVID.

Exemptions play a crucial role in the tax landscape, with the city offering a variety of options, including a 20% homestead exemption and a $40,000 exemption for residents aged 65 and over. These exemptions have resulted in significant revenue savings for taxpayers, amounting to $65.7 million this year alone.

Looking ahead, the council plans to finalize the tax rate on September 8, with further details on the tax rates and assessed property values to be discussed at the next council meeting on August 11. Additionally, the Plano Independent School District is expected to propose an increase in the homestead exemption from $100,000 to $140,000 in a vote scheduled for November 5, which could further impact local taxpayers.