Property Taxes 101

Collin County Appraisal District (CCAD) assesses our properties based on market analysis every year. We are notified of our market value and assessed value in May. 

Our homestead, over 65, or disabled exemptions can lower our assessed value and/or cap how high our assessed value can go each year. Be sure to keep up on what exemptions you’re allowed to have and file for them. Follow this link to fill out the form you need.

The homestead exemption (with the 10% cap on assessed value per year) can only be applied to primary residences. Rental property assessed values, for example, can increase with no cap.

The assessed value from CCAD is what our 4 taxing entities use to tax us once they decide on their yearly tax rate.

Our four taxing entities	Tax rate based on $100 assessed value	EXAMPLE: If your property’s assessed value was $100,000* in 2016, your taxes will be as follows:
McKinney ISD	1.62000	$1620.000
City of McKinney	0.573000	$  573.000
Collin County	0.208395	$  208.395
Collin College	0.081222	$    81.222
		$2482.617 total taxes

                                                                            

                                                              

After you get your letter from CCAD, prepare to protest it. If you only get $1000 knocked off this year, you are making the base of future year increases $1000 less. Our values will continue going up until this housing shortage/boom ends.

Read Everybody File a Protest from Dallas Morning News to learn about why we need to be more proactive.

Here is an excellent video that will help you protest effectively:

Call CCAD and ask for the comps they used to value your property.

Final assessed values go to our taxing entities sometime in July – August.  I’ll be writing about city budgets and tax rates later.

*If you have a property with a $300,000 assessed value, you multiply the above number x 3, etc.

If you are looking for a more in depth, slower tutorial, watch these: Part 1, Part 2, Part 3