The Plano City Council chose to maintain the same tax rate for the upcoming fiscal year, but leaders warned an increase may be needed in the near future as costs and debt put pressure on the budget.<\/p>\n
“We can get by this year with holding the tax rate firm,” said City Manager Mark Israelson on Aug. 10. But in the future, he said Plano will likely need to adjust the tax rate to cover debt and keep up operations.<\/p>\n
“We know it’s coming,” he said. “We cannot cover future years at this rate.”<\/p>\n
Plano residents<\/a> will keep paying a property tax rate of 43.76 cents per $100 of taxable value. For the median-valued home, according to city documents, this will raise the tax bill from $1,978 to $2,033, because the median home value has increased.<\/p>\n Related: Plano council calls November tax election to help fund proposed Dallas Stars arena<\/a><\/p>\n Plano leaders also approved an $841.6 million operating budget.<\/p>\n Some residents spoke to the council about their concerns over city spending, including allocating millions of dollars to support the redevelopment of The Shops at Willow Bend for a sports arena and multi-use entertainment district.<\/p>\n Plano resident Brett Cooper told the council at an August hearing he was grateful the city was pursuing a tax rate “among the lowest in D-FW.” But he, along with other residents, had concerns about the Willow Bend project slated to host the Dallas Stars’ new home ice.<\/p>\n “We also have large bond capital projects looming over the next few years, and should we be saving to pay for some of those?” Cooper asked the council in August.<\/p>\n Related: Dallas Morning News journalists to host three-day pop-up newsroom in downtown Plano<\/a><\/p>\n The Willow Bend project, which includes plans for over $700 million in financial backing with public funds over several decades, has been unpopular among some neighbors who have concerns over the cost and adding traffic and noise in the area. City leaders said it will revitalize the declining mall property and bring revenue to the city.<\/p>\n Plano leaders voted unanimously last year to raise the city’s property tax rate for the first time in 16 years, anticipating increased costs amid slowing growth.<\/p>\n Sign up for our weekly Collin County newsletter here<\/a> and email tips on all things Plano, McKinney and more to lilly.kersh@dallasnews.com.<\/p>\n Subscribe<\/p>\n