APRIL 11, 2023 - Allen homeowners will benefit from a new exemption to their City property taxes. During the April 11 meeting, Allen City Council approved a 5% homestead exemption. The exemption will deduct 5% from appraised home values when calculating the annual taxes due to the City of Allen.
To receive the exemption on 2023 property taxes, homeowners must qualify for a residential homestead exemption. If you have not previously applied, you must submit your Residence Homestead Exemption Application through the Collin Central Appraisal District by April 30, 2023.
| EXAMPLE OF EXEMPTION |
|
|---|
Appraised value Values determined by the Collin Central Appraisal District | $400,000 |
5% City of Allen homestead exemption | -$20,000 |
Total value taxable by City of Allen | $380,000 |
City of Allen tax rate* *Current tax rate of $0.4212 per $100 used for example purposes only. The actual tax rate will be set in September 2023. | x 0.004212 |
Taxes paid to City of Allen | = $1,600.56 Savings of $84.24 due to City of Allen homestead exemption |
Tax bills paid by Allen homeowners are impacted by three taxing entities: the City of Allen, Collin College and the ISD (Independent School District) in which the property is zoned. For homeowners who qualify for a homestead exemption, property taxes paid to the City of Allen reflect approximately 25% of the total tax bill.