On Monday, the Richardson City Council approved the 2026-27 fiscal year budget, wrapping up a process that began earlier in the summer and included briefings from city departments, a two-day budget workshop and two public hearings.
The $432,226,829 budget continues a multi-year strategy designed to protect essential services, strengthen the City workforce, and continue investments in public safety, infrastructure and economic development.
The budget maintains the current property tax rate of $0.54218 per $100 of assessed valuation and continues the $160,000 senior property tax exemption. It also includes employee compensation adjustments, added public safety investments, a new water and wastewater rate structure, and continued implementation of voter-approved bond projects.
| Description | FY 2025-26 Cost | FY 2026-27 Cost | Annual Change |
|---|---|---|---|
| Property Tax—City Portion | $2,229 | $2,299 | $70 |
| Water Charges | $1,171 | $1,231 | $60 |
| Sewer Charges | $616 | $691 | $75 |
| Drainage Fee | $74 | $86 | $12 |
| Residential Solid Waste | $332 | $344 | $12 |
| Total | $4,422 | $4,651 | $229 |
Although the property tax rate remains unchanged, the average taxable value of a Richardson homestead increased from $411,065 to $424,062. As a result, the City portion of the property tax bill for the typical homeowner is projected to increase by approximately $70 annually.
