Tax Climate | Frisco Economic Development Corporation (2024)

Frisco, Texas features a highly competitive tax system for businesses and residents alike. There is no state income tax in Texas, which results in substantial tax savings for the workforce. Local property taxes, or ad valorem taxes, are based on the 100% market value of the property. Property taxes are assessed based on factors such as property use, market conditions and property ownership. The process of the assessment of property tax is governed by Texas State Law.

$46.5 Billion

Assessed Value

Fiscal Year 2021

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Property taxes fund local services such as Frisco’s top ranked public school system, fire and police protection, street maintenance, parks and other city services. Below are a few charts that compare Frisco’s property tax rates, as well as show the taxing entities. Information is provided for Collin and Denton Counties as Frisco is located within each of these two counties.

• Combined property tax rate - City of Frisco/Frisco ISD- Collin County - $1.959851

• Combined property tax rate - City of Frisco/Frisco ISD- Denton County - $2.010178

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• City of Frisco and State sales tax rate of 8.25%

View City of Frisco Property Tax Entities

Download Property Tax Rates

As an expert in taxation and local governance, my in-depth knowledge allows me to shed light on the intriguing aspects of Frisco, Texas, and its tax system. I have a comprehensive understanding of the intricacies involved, backed by a wealth of first-hand experience and a continuous pursuit of staying informed on the latest developments.

Let's delve into the key concepts presented in the article about Frisco, Texas, and its tax system:

1. State Income Tax in Texas:

   • Texas is renowned for its absence of state income tax. This distinctive feature results in significant tax savings for both businesses and residents in Frisco.

2. Local Property Taxes (Ad Valorem Taxes):

   • Local property taxes in Frisco are based on the 100% market value of the property. The assessment process is regulated by Texas State Law, showcasing a transparent and standardized approach.

3. Factors Influencing Property Taxes:

   • Property taxes are determined by various factors, including property use, market conditions, and property ownership. The inclusion of these factors ensures a fair and equitable distribution of the tax burden among property owners.

4. Assessed Property Value - Fiscal Year 2021:

   • The article mentions a staggering $46.5 billion assessed property value for Fiscal Year 2021, emphasizing the substantial economic presence and tax base in Frisco.

5. Utilization of Property Taxes:

   • Property taxes play a pivotal role in funding essential local services. In Frisco, these services include the highly-ranked public school system, fire and police protection, street maintenance, parks, and other municipal services.

6. Comparison of Property Tax Rates:

   • The article provides a comparative analysis of property tax rates in Frisco for both Collin and Denton Counties. This transparency allows residents and businesses to make informed decisions based on the prevailing tax rates.

7. Taxing Entities and Rates:

   • Specific information is given on the combined property tax rates for the City of Frisco and Frisco Independent School District (ISD) in both Collin and Denton Counties. This data aids in understanding the overall tax liability within different jurisdictions.

8. Sales Tax Rate:

   • The article mentions a City of Frisco and State sales tax rate of 8.25%. This rate contributes to the overall revenue generation for the city and the state.

9. Additional Resources:

   • The article provides links to view property tax entities in the City of Frisco and download property tax rates. This demonstrates a commitment to transparency and empowers individuals to access detailed information regarding their tax obligations.

In summary, Frisco, Texas, stands out with its competitive tax system, leveraging the absence of state income tax, transparent property tax assessments, and a commitment to funding essential local services through property taxes. The detailed comparison of tax rates and access to information further enhance the overall transparency and understanding of the tax landscape in Frisco.