The Downtown Plano Public Improvement District (PID) is made possible by an assessment levy on property owners in the District. Property owners are assessed $0.15 per $100 of appraised value on taxable real property. The assessment levy supports additional services and events executed within the PID.
The 2020-2021 Assessment Roll illustrates a collective assessment of $143,929. Based on 2017 Collin County Appraisal District values, assessments are levied at $0.15 per $100 of appraised property value. However, assessments are updated to reflect the year in which a property may change ownership or $200,000 or more in improvements are made to a property. Those updates are reflected accordingly on the roll. There is also a $25,000 assessment cap on development projects.
This proposed assessment levy, along with the City’s $50,000 contribution will assist in continuing valuable services, events and beautification projects implemented in the Downtown PID. The 2020-2021 budget for PID activities is $217,589. The budget does include FY2019-2020 carryover.
Staff recommends that City Council approve the assessment roll and levy. Approval would prompt staff to distribute assessment notices immediately following the ordinance’s approval.