The Leander ISD board of trustees adopted a property tax rate of $1.2746 for fiscal year 2022-23 at its Aug. 18 meeting.

The adopted rate is made up for a maintenance and operations rate of $0.9446 and an interest and sinking tax rate of $0.33.

Property value growth increased by 27.05%, which is slightly lower than the district’s estimated projection of 30%, in April.

Due to the property value growth being lower than what was estimated, tax collections will be lower, which means the district’s recapture payment has decreased.

LISD is now estimating to pay $31.2 million into recapture, compared to the initial $36 million payment.

Because the board adopted a tax rate that exceeds the calculated voter-approval tax rate, the district will be calling a voter-approval tax rate election, or VATRE, in November.

Leander ISD’s VATRE would increase the M&O rate while lowering the I&S rate—essentially providing the district with more funds for operations.

Election Day is Nov. 8. Early voting begins Oct. 24 and runs through Nov. 4.