City Council Reviews FY 2027 Property Tax Impact for Median Homesteads

Overview of the Taxpayer Impact Statement

The City Council is reviewing a taxpayer impact statement that compares property tax bills for median-value homestead properties in the city.

The document outlines financial projections for fiscal years 2026 and 2027 to illustrate how changes in valuation and tax rates affect homeowner costs.

Officials will examine the proposed adjustments before finalizing the upcoming budget cycle.

Fiscal Year 2026 Baseline Data

The current fiscal year establishes a baseline with a median homestead taxable value of $384,647.

The applicable tax rate stands at $0.54218 per $100 of value.

These figures result in an estimated annual tax bill of $2,085 for the median property.

Fiscal Year 2027 Projections and Rates

The upcoming fiscal year projects a median homestead taxable value of $392,010.

Under a no-new-revenue scenario, the tax rate would decrease to $0.52649 per $100 of value, yielding an estimated tax bill of $2,064.

The proposed tax rate maintains the current level at $0.54218 per $100 of value, which would increase the estimated annual tax to $2,125.

References

City Council Meeting (2026-09-21). Retrieved from https://richardsontx.new.swagit.com/videos/401718