NOTICE OF 2018 TAX YEAR PROPOSED PROPERTY TAX RATE FOR CITY OF PRINCETON

A tax rate of $0.688820 per $100 valuation has been proposed for adoption by the governing body of City of Princeton. This rate exceeds the lower of the effective or rollback tax rate, and state law requires that two public hearings be held by the governing body before adopting the proposed tax rate.

The governing body of City of Princeton proposes to use revenue attributable to the tax rate increase for the purpose of maintenance and operation costs and debt obligations.

PROPOSED TAX RATE                         $0.688820 per $100

PRECEDING YEAR’S TAX RATE        $0.689890 per $100

EFFECTIVE TAX RATE                        $0.602801 per $100

ROLLBACK TAX RATE                       $0.688820 per $100

The effective tax rate is the total tax rate needed to raise the same amount of property tax revenue for City of Princeton from the same properties in both the 2017 tax year and the 2018 tax year.

The rollback tax rate is the highest tax rate that City of Princeton may adopt before voters are entitled to petition for an election to limit the rate that may be approved to the rollback rate.

YOUR TAXES OWED UNDER ANY OF THE ABOVE RATES CAN BE CALCULATED AS FOLLOWS:

property tax amount= (rate) x (taxable value of your property)/100


For assistance or detailed information about tax calculations, please contact:

Kenneth L. Maun

Tax Assessor-Collector

2300 Bloomdale Road

McKinney, TX 75071

972-547-5020 [email protected]

www.princetontx.gov


You are urged to attend and express your views at the following public hearings on the proposed tax rate: First Hearing: August 13, 2018 at 6:30 pm at City Hall, 123 W. Princeton Drive, Princeton, TX 75407. Second Hearing: August 27, 2018 at 6:30 pm at City Hall, 123 W. Princeton Drive, Princeton, TX 75407.