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The Frisco ISD Board of Trustees has lowered the district's tax rate for the third year in a row, saving the average Frisco ISD taxpayer $92 this year.
The new rate, $1.3102 per $100 property valuation, is a 2.81-cent reduction from 2019. This is the lowest rate the district has seen in more than 20 years. The tax rate is broken down into $1.0402 for day-to-day operations and $0.27 for debt and interest payments.
The average taxpayer will save even though the value of the average home climbed by just under $2,000. The total taxable value of property in Frisco ISD rose 6.2% over the last year to $43.66 billion. Existing property appreciated 1.02% year-over-year in Colin County and 2.65% in Denton County.
The district set its 2020-21 budget on lower taxable value growth. Because certified values were higher than anticipated, the district will face a $3.8 million loss of revenue this year. This is in part due to House Bill 3, which ties the maintenance and operations portion of the tax rate to property value growth.
Despite an increase in appraised values since 2017, Frisco ISD's drop in the combined tax rate adds up to a $241.68 reduction in property taxes for the owner of the average Frisco ISD home in 2017.
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