City Council reviews and approves the Downtown Plano PID assessment every year. During a public City Council meeting, all property owners within the PID boundary are invited to attend the meeting and voice any concerns related to the assessment on their properties. Council also approves the project plan and budget.
The assessment applies to the taxable value of real property and improvements before heritage tax exemptions. When the PID was established in 2014, the assessment base was set at 2014 Collin County Appraisal District appraisal values. The assessment base is only recalculated if the property is sold or improvements, valued at $200,000 or greater, are made to a property. The maximum amount a property can be assessed is $0.15 per $100 of assessed taxable value, with a cap of $25,000.
The PISD, DART, Plano Masonic Lodge and City properties within the PID are tax exempt, and therefore not assessed. However, the City does contribute $50,000 to the PID fund each year.
Prior to the assessment proposal to City Council, the Downtown PID Advisory Board meets to recommend an assessment plan and service plan for Council’s consideration. The assessment plan outlines the total funds available within the PID budget. This includes the annual assessment, the City’s contribution and any cash balances that should be carried forward to the next year.
The service plan lists the categories that the PID budget will support.
For the 2016-2017 PID year, the assessment, based on the formula of $0.15 per $100 of assessed taxable value, is $97,091. The overall assessment plan totals $213,647.