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McKinney staff presents senior/disabled tax‑exemption options as preliminary values dip
Summary
City CFO Mark Holloway told council preliminary Collin County valuations show existing property values down about 2.81% while new construction adds roughly $1.5 billion. He reviewed the current $90,000 over‑65/disabled exemption, homestead percentage options and a permanent over‑65 tax freeze, asking council for direction before the late‑June filing deadline.
Mark Holloway, the city's chief financial officer, briefed council on preliminary valuation data and policy choices for property‑tax exemptions. Holloway said preliminary Collin County numbers show overall existing property values down about 2.81% while new construction accounts for an estimated 3.37% addition to the roll — roughly $1.5 billion in new construction value. "This is the first time in my time here that our existing property values have decreased," Holloway said.
Holloway outlined three local tools: the city's current over‑65/disabled exemption (a $90,000 reduction in taxable value, which he estimated produces about $371 in reduced taxes for an eligible homeowner under today's rate); a homestead percentage exemption (5–20% options modeled); and a permanent over‑65 tax freeze (a ceiling that would preserve a baseline assessed value for eligible homeowners). Holloway showed modeling of how each option changes the levy distribution and said staff needs council direction by the end of June to meet adoption timelines.
Council discussion leaned toward keeping the existing $90,000 exemption unchanged for now so the decreased valuations continue to provide relief, with some members warning that expanding exemptions would shift tax burden upward for other taxpayers. Holloway said staff will prepare ordinance language and scenarios for the June 16 council meeting if the council wishes to pursue changes.
