ECONOMIC UPHEAVAL
1. Rising Property Values and Housing Costs
McKinney has experienced a significant surge in property values over the past decade. In 2015, the average real estate price stood at $113 per square foot. By 2023, that figure climbed to $217—and if current trends hold, it could reach $335.26 by 2030. For a typical 2,500-square-foot home, this translates into costs approaching $838,150.
While a thriving housing market can be a sign of prosperity, skyrocketing prices also create barriers to homeownership for many residents. Young families and first-time buyers, in particular, may find themselves priced out of the market. As your mayor, I will champion policies that strike a balance between growth and affordability.
2. Escalating Property Taxes
McKinney’s rapidly rising property values have a direct impact on property tax bills. At the current tax rate of around 2.3%, a home valued at $838,150 comes with an annual property tax of roughly $19,277.45. This staggering sum can overwhelm residents living on fixed incomes or those who have not seen their wages keep pace with the cost of living.
High property taxes risk placing the dream of owning a home out of reach, as well as increasing the likelihood of foreclosure for some families. A balanced approach to taxation is crucial—one that ensures the city can fund vital services without overburdening homeowners. If elected, I will work to review and refine our tax policies to preserve affordability, invest in infrastructure, and protect the financial well-being of all McKinney residents.
3. Over-65 Property Tax Exemptions
From 2015 to 2023, McKinney witnessed a sharp 79.52% annual growth rate in the over-65 exemption levy loss. This means that while our seniors receive much-needed tax relief, the city collects less overall tax revenue from this demographic. As McKinney’s population continues to age, these exemptions will likely grow.
While the over-65 exemption is beneficial for seniors on fixed incomes, it can also contribute to tighter city budgets and potential cuts in other areas. It’s vital to find solutions that respect our seniors’ needs while maintaining a healthy financial foundation for essential services. If elected mayor, I will explore strategies to balance these exemptions—ensuring seniors can afford to stay in their homes without placing undue strain on our municipal finances.
4. Shifting Tax Burden
As the city sees reduced revenue from exemptions and other policy factors, working-age families often shoulder a growing share of the tax burden. When taxes become too high, it can push families to relocate to more affordable areas, shrinking our tax base in the process. This domino effect can lead to decreased funding for schools, infrastructure, and community services—the very amenities that attracted families here in the first place.
Keeping McKinney welcoming and affordable requires thoughtful oversight of how taxes are structured. By maintaining a balanced tax system that does not disproportionately impact any one group, we can ensure the city continues to flourish. I am committed to collaborating with local stakeholders, economists, and city planners to develop policies that make sense for all McKinney residents—especially the families who breathe life into our neighborhoods.
5. Inflationary Pressures on City Finances
As prices rise for goods, services, and raw materials, McKinney’s operational costs also climb. From infrastructure repair to public safety services, the city must often pay more to deliver the same quality of life residents have come to expect. Combined with a potential decline in tax revenue, inflation places significant pressure on our municipal budget.
In the face of these challenges, strategic planning and fiscal discipline become more important than ever. The solution is not to cut corners but to invest wisely in sustainable development and economic diversity. By encouraging new businesses, supporting existing ones, and strengthening our workforce, we can promote innovation and keep McKinney financially secure. If elected, I will champion data-driven budgeting and support forward-looking initiatives that help us stay ahead of inflationary risks.
6. Risk of Economic Stagnation
Economic experts like Ray Dalio warn that rising debt levels and inflation can together slow economic growth. When spending outpaces production, demand surpasses supply and triggers inflation. In McKinney, these forces threaten to squeeze household budgets and stall business development if left unchecked.
We must remain vigilant in managing our city’s growth responsibly—ensuring our investments in housing, infrastructure, and public services keep pace with the population. Diversifying our economy is key. By welcoming a mix of industries—from tech startups to clean manufacturing—we can distribute risk and maintain momentum. My promise as mayor is to steer McKinney’s economy toward resilience and long-term prosperity, giving every resident and business owner a fair chance to thrive.
7. Potential Cuts to Essential Services
When property tax revenues drop—either because of high exemptions or families leaving due to escalating costs—the city may face budget shortfalls. This puts essential services, such as healthcare, public transportation, and social programs, in jeopardy. These services are particularly vital for seniors, working families, and vulnerable residents who rely on consistent, affordable public support.
We must protect these core services. They form the backbone of our community, enabling everyone to enjoy a good quality of life. My administration will focus on forward-thinking fiscal management and balanced revenue streams that sustain these essential programs without overtaxing homeowners. By carefully planning for the future and employing inclusive budgeting processes, we can ensure that McKinney never has to compromise on the well-being of its citizens.