City Manager
Frisco homeowners are getting a break on their city property tax bill. Last night, the Frisco City Council voted unanimously to increase the city’s homestead exemption from 15% to 20% during a ‘special called’ City Council meeting. Beginning in January, Frisco homeowners will save an average of about $120 on their city property tax bill.
“It’s been a lot of hard work, it’s been rolling up the sleeves, it’s been looking at the strategic opportunities when it made sense from a budget perspective without reducing any services,” said Mayor Jeff Cheney.
Mayor Cheney shared City Councils, past and present, have increased the homestead exemption since 2018. Frisco’s first homestead exemption was adopted in 2017 at 7.5%.
“The purpose of getting to this homestead rate was not just to do it at all costs, but to make sure that we could do it in a way that was financially sustainable,” said Wes Pierson, City Manager.
Derrick Cotten, Chief Financial Officer, noted a large increase in Frisco property values. Cotten says preliminary data from the Collin and Denton County Appraisal Districts indicate a 14% increase in total net taxable value, which translates to about $6.9 billion million over the previous year. The increase supports the city’s ability to offer the maximum property tax relief and maintain other exemptions already in place.
“We have an over 65 or disabled person exemptions at $80 thousand dollar exemption and we do have a senior tax freeze in place,” said Cotten.
The 20% exemption is the maximum allowed by state law.
