(September 20, 2012) The City of Frisco’s tax rate will be $0.461910 per $100 of property value for the next fiscal year. This tax rate was the same during the last fiscal year (FY12).
The average home value for FY13 is $287,800, which is a 0.95% increase over the previous year’s average home value of $285,093. That means the average homeowner will pay approximately $7 more in property taxes during the new fiscal year, which begins October 1, 2012.
During the September 18 City Council meeting, the Frisco City Council voted to adopt a $90.2 million (approximate) General Fund budget for FY13.
Most notably, the new General Fund budget allows the City of Frisco to fill 20 new positions, including three positions which were previously ‘frozen’.
The additional positions include a deputy court clerk in the Finance Department, three dispatchers and a records clerk in the Police Department; a plans examiner, inspector and emergency vehicle technician for the Fire Department; a street equipment operators, a ‘sign shop’ maintenance worker, and a crew leader in Public Works; an analyst for Human Resources; a purchasing manager and mechanic apprentice for Administrative Services; two median maintenance workers and an additional 3-member crew to maintain parks in Parks & Recreation; and a lighting technician for Engineering Services.
The new budget also provides a 2% ‘market adjustment’ for all city employees, as well as funds for up to a 3% merit-based increase for city employees.
“We’re very proud that City of Frisco employees continue to deliver excellent customer service while providing quality programs and services supported by one of the lowest tax rates in North Texas,” said Mayor Maher Maso. “We’re blessed our city continues to benefit from rising sales tax revenues, as well as stability in the number of building permits submitted over recent years and a steady increase in new and existing property values.”
The city’s property tax value is certified at $14,741,049,643 which represents a 4.42% increase from the previous year. This increase includes $459 million (approx.) in new construction and $164 million (approx.) in increased value of existing properties.
Sales tax receipts are estimated to be $25.4 million in FY13, which is 5% more than the $24.2 million the city anticipates collecting for FY12. Year-to-date sales tax revenues are currently 12.50% more than the prior year. City staff forecasts the number of building permits will remain the same, ranging from 1,200 – 1,500 for FY13 and will generate an estimated $5 million in revenue resulting from permit fees for the next fiscal year.