During the McKinney City Council meeting on June 17, 2025, council members discussed potential tax rate adjustments that could benefit homeowners, particularly seniors and individuals with disabilities. The council is considering a reduction in the tax rate, which could lead to lower tax bills for many residents despite rising property values.

Council members highlighted that the preliminary increase in property values is estimated at 4.34%, while the tax cap is set at 3.5%. This situation presents an opportunity for the council to lower the tax rate, potentially allowing the average homeowner to pay less in taxes. The discussion emphasized that seniors and low-income residents might not see an increase in their tax payments due to these adjustments.

Additionally, there was a proposal to explore a homestead exemption for all homeowners in McKinney. Council members expressed interest in examining this option further, suggesting that it could provide broader tax relief to the community. The idea will be revisited in future budget discussions, indicating a proactive approach to addressing the financial concerns of residents.

No formal action was taken during this meeting regarding the tax rate or exemptions, but the council's discussions set the stage for future decisions that could significantly impact the financial well-being of McKinney residents. The council plans to revisit these topics as they prepare for the upcoming budget season, ensuring that community needs remain a priority.