May 1, 2023 At the April 28 Collin College Board of Trustees meeting, the colleges Board of Trustees approved a new residential tax exemption rate and will formalize the change by adopting a resolution notifying the Collin County Central Appraisal District at its May 23 regularly scheduled meeting. Qualifying Collin County homeowners will benefit from a reduction in taxes from the new exemption rate. The exemption is equal to the greater of $5,000 or a 20 percent exemption of the appraised value of a residential homestead. The Board of Trustees also approved property tax exemptions of $100,000 for residents over 65 years of age or disabled individuals.
Collin College is pleased to offer savings to our taxpayers during this time of rising property taxes, said District President Dr. Neil Matkin. Thanks to the leadership of our Board of Trustees, Collin College has the second lowest tax rate among Texas 50 community colleges and the lowest in-district tuition, and this is another way we can demonstrate our value to our communities.
The colleges current tax exemptions include a local homestead exemption of 1 percent or $5,000 minimum and a property tax exemption of $30,000 for individuals over 65 years of age and $20,000 for disabled individuals. The increase in home exemption will return to taxpayers approximately $8.2 million in the first year.
According to Board of Trustee Chair Andy Hardin, Collin College has always had a conservative financial approach. Our board embraces a fiscally conservative philosophy with the resources entrusted to the college by our taxpayers, Hardin said. Im grateful to Trustees Fred Moses and Jay Saad for recommending last month that the Board consider this action.
Collin College serves more than 57,000 credit and continuing education students annually and offers more than 100 degrees and certificates, including a Bachelor of Science in Nursing (BSN), a Bachelor of Applied Technology (BAT) in Cybersecurity, and a Bachelor of Applied Science (BAS) in Construction Management. The only public college based in Collin County, Collin College is a partner to business, government, and industry, providing customized training and workforce development. For more information, visitwww.collin.edu.