Although for photon Bose-Einstein condensates the main mechanism of the observed photonphoton interaction has already been identified to be of a thermo-optic nature, its influence on the condensate dynamics is still unknown. Here a mean-field description of this effect is derived, which consists of an open-dissipative Schrödinger equation for the condensate wave function coupled to a diffusion equation for the temperature of the dye solution. With this system at hand, the lowest-lying collective modes of a harmonically trapped photon Bose-Einstein condensate are calculated analytically via a linear stability analysis. As a result, the collective frequencies and, thus, the strength of the effective photon-photon interaction turn out to strongly depend on the thermal diffusion in the cavity mirrors. In particular, a breakdown of the Kohn theorem is predicted, i.e.the frequency of the centre-of-mass oscillation is reduced due to the thermo-optic photon-photon interaction.