The year’s tax rate is a $0.1659 decrease from fiscal year 2022-23 and the sixth consecutive year of the district lowering its tax rate, LISD Chief Financial Officer Pete Pape said.
In a nutshell
In June, the board adopted a $494.6 million budget for FY 2023-24 based on a $1.2644 tax rate.
The lowered $1.1087 tax rate comes in light of the state's recently passed property tax relief plan, which compressed the district’s maintenance and operations tax rate and will raise the state’s homestead exemption by $60,000 if approved by voters in November.
A household at an average market value of $642,343 can expect to pay around $4,572 in school property taxes this year, which is $820 less than in FY 2022-23, Pape said.
The reduction in property tax revenue also means the district’s recapture is estimated to drop to $10 million compared to $47 million in 2022-23 school year, according to Pape's presentation at an Aug. 10 meeting.
Quote of note
“I think it’s really important to see that this board has lowered the tax rate," board President Gloria Gonzales-Dholakia said the Aug. 10 meeting. "Our taxes keep going up because our home valuations keep going up. but we’re doing everything we can on that tax rate.”
