What are the taxes in McKinney?
Aren't they lower than Prosper?
Does Frisco have higher taxes than Allen?
Collin County Home Buyers: When shopping for homes in neighboring cities one important piece of information to know is the city TAX RATE. One of the first things a buyer should do at the start of the home buying process is get pre-qualified for a mortgage from a reputable lender.
The lender will crunch the numbers and spit out a loan amount that Mr. Buyer qualifies for. This estimate will probably include a monthly payment, broken down into the Principal, Interest, Taxes and Insurance = PITI!
So, let's say Mr. Buyer find a home he LOVES in McKinney, TX for $200,000. Mr. Buyer's WIFE, Mrs. Buyer, finds a house SHE loves in Prosper, TX for the same exact amount - $200,000. And then there's one they BOTH fall in love with in Allen, TX for you guessed it - $200,000. The Mr. & Mrs. look at each other and have discussion after discussion about what home to go with.
After all is said and done with and they can't make up their mind, they say - OK, which ever home will give us the LOWEST monthly payment is the home we'll go with. Well, we know that since all 3 homes have the same price, the Principal and Interest will be the same. We'll also assume that insurance in all 3 cities is equal. That leaves us with the TAXES. Here is how the 3 cities break down:
1. McKinney, TX tax rate = 2.431490.(Note: Each tax rate is per $100.00)
$200,000/$100 x 2.431490 = $4862.98 per year = $405.24 per month.
2. Prosper, TX tax rate = 2.518990
$200,000/$100 x 2.518990 = $5037.98 per year = $419.83 per month.
3. Allen, TX tax rate = 2.355300
$200,000/$100 x 2.355300 = $4710.60 per year = $392.55 per month.
Mr. and Mrs. Buyer look at the figures, and decide on the Allen, TX home!
Want to compare other Collin County cities and their tax rates? See the rates below:
- Allen = 2.355300
- Anna = 2.444040
- Blue Ridge = 2.422670
- *Carrollton = 2.309170
- Celina = 2.513990
- *Dallas = 2.260292
- Fairview = LucasISD = 2.208990/McKinney ISD = 2/210990
- Farmersville = 2.187950
- *Frisco = 2.148990
- *Garland = 2.281890
- Josephine = 2.263990
- Lavon = 2.238490
- Lowry Crossing = 2.075770
- Lucas = 2.218170
- McKinney = 2.431490
- Melissa = 2.478990
- Murphy = 2.150690
- Nevada = 1.985000
- New Hope = 2.055990
- Parker = 2.009470
- *Plano = 2.105890
- Princeton = 2.547380
- Prosper = 2.518990
- *Richardson = 2.244200
- *Royce City = 2.417590
- *Sachse = GarlandISD = 2.138692/Wylie ISD = 2.275392
- St. Paul City = 2.267270
- Weston = 2.095990
- Wylie = 2.737890
*Some of these cities are located in 2 counties and in different school districts. Tax rates will depend on these factors.
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