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Published August 2nd 2010 10:53 am

Collin County is one of the fastest growing county in Texas. Collin County is a part of the northern counties of Collin County Texasthe Dallas-Fort Worth metroplex landscape. The home values in Collin County continue to soar until 2006 when the foreclosures hit Collin County just like the rest of the country. However, during the past year, although the property tax values of homes in the Collin County continue to decline, it did not decline to as bad as originally predicted (4.4%). County wide, the property tax values fell 1.5% to approximately $71.2 billion. As much as home and property owners want to see their property tax values is in accordance to the fair market value reflection, the County uses the revenues generated from property taxes to provide services to Collin County residents.

Because property values declined, so will the revenues from the property taxes that will be collected.

In Plano, the values declined 3.3%, Frisco declined 2.3% and McKinney declined 0.2%. Blue Ridge down 4.3% and Farmersville 3.8%.

On a more positive note, Allen saw the values increased by 0.9% and Prosper led the county with its highest increase of 8.8%.

Frisco TX Construction 2010To make up for these decreases, the cities are planning to raise the school tax rates slightly. They plan to do that to help pay for bond debt, rather than operating budgets. However, the school districts are evaluating and being conservative on where to cut budgets so that our children's quality education will not suffer.

Frisco's City Mayor, Maher Maso said that the City of Frisco are not reducing services but in fact, focusing on providing quality services as you can witness all around Frisco as you drive around town that construction is everywhere.

Denton County also saw 1/3 of appraised values declined. Denton county is located just west of Collin County. It is part of the economy today.

Along with the short sales and foreclosures in our marketplace, it is also a buying heaven for those who are ready to commit to homeownership.

 

Myth about Property Tax Values and Fair Market Home Values:

The County Tax Appraisal Districts publish the appraised home values on their websites. However, the appraised values is NOT a reflection of the fair market values. When you purchase a home, you purchase and make an offer based on the fair market value of a home. Some appraised property tax values have been somewhat accurate but then again, most are way off. As told by a County Tax District Appraiser, they "guess" at the fair market value in hopes to come somewhat close. They use mortgage deed information as well as other voluntary sales data to predict the values. They could evaluate the home based on exterior but would never know the features of the homes. Hence, their numbers will only always be an estimate.

In other words, the appraised property tax values have no indication of what the fair market values. Hence, buyers should never use these numbers to make an offer or guess what the homes may be valued at.

 

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