15 December . 2023
3 reasons Frisco homeowners will see lower property taxes in 2024
It’s said that good things come in threes, and that’s definitely the case when it comes to lower property taxes for homeowners in Frisco.
Here are the details:
- Frisco ISD’s 2023 property tax rate was set at $1.0275 per $100 of valuation. That is a 16.5% decrease from the 2022 tax rate of $1.2129. The district’s tax rate has decreased every year since 2018.
- The City of Frisco lowered its tax rate to $0.432205 per $100,000 valuation for the 2023-24 fiscal year, a 3% decrease. It was the first change to Frisco’s tax rate since the 2018-19 fiscal year, when the rate was lowered from $0.45 to $0.4466.
- Frisco homeowners will also benefit from the statewide increase of the homestead exemption from $40,000 to $100,000. Texas voters overwhelming approved the increased homestead exemption when they voted for Proposition 4 in November 2023. The exemption increase lets people pay taxes to their local school district as if their home was worth $100,000 less than its actual appraised value.
For the 2023 tax year, homes in The Grove Frisco have an overall tax rate of $1.69 per $100 valuation, which includes Frisco ISD, the City of Frisco, Collin County and Collin College. That is an approximately 11% decrease from the previous overall tax rate of $1.89 per $100.
(This chart from the Collin County Appraisal District has details on the 2023 rates from taxing entities. Tax rates for the current year are typically adopted in the third quarter by local taxing units, so 2024 tax rates should be announced in August and September.)
At the same time Frisco ISD and the City of Frisco are reducing their tax rates, they provide an increasing level of excellence for residents.
Frisco ISD has an overall A+ grade from Niche, with A+ grades in the Academics and College Prep categories. It also ranks among the Top 2% of all school districts in Texas and the United States.
The district has a high rating for financial responsibility, earning an “A” rating from the Financial Integrity Rating System of Texas. This rating is based on 20 indicators that demonstrate the quality of a district’s financial management and reporting system.
As a city, Frisco earns high marks for its quality of life. Niche gives Frisco an overall A+ grade and ranks it as the #1 Place with the Best Public Schools in Collin County and the #1 Best Suburb to Live in Collin County.
Nationally, WalletHub ranked Frisco as the No. 2 Best Place to Buy a House in America in 2023, and a 2022 Smart Asset analysis declared Frisco as the No. 1 Safest City in America.
For more information about tax rates, please refer to each taxing unit: Frisco Independent School District, City of Frisco, Collin County and Collin College.