As part of the annual budget process, the Wylie City Council on Tuesday, August 13, approved a proposed tax rate of $0.534301 per $100 of value for the 2024–25 (FY25) budget.
That rate is $0.004581 less than the current rate, according to city documents, and the proposed budget is based on the new rate.
This proposed rate is higher than the no-new-revenue tax rate of $0.507537, which would generate the same property tax revenue for the same properties as in tax year 2023.
Although the proposed tax rate is the voter-approved tax rate, which is the maximum rate the city can set without voter approval, no election is required.
A comparison of the tax rates for the average home reveals clear differences.
In 2023, the total tax rate was $0.538882 per $100 of valuation.
As previously mentioned, the proposed rate for 2024 represents a decrease of $0.004581 per $100, or approximately 0.85%. However, the average taxable value of a homestead has increased from $377,019 in 2023 to $424,528 in 2024, an increase of 12.60%.
As a result, the tax on an average home increases by $236.57, or 11.64%, from $2,031.69 to $2,268.26.
Total tax revenue for all properties is expected to increase by $3,108,597, or 8.14%, reflecting the additional revenue planned by the City.
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By Mike Albanese and Chad Engbrock
