What happened
Trustees approved the ratification of the tax rate for the 2024-25 fiscal year Aug. 19, setting the maintenance and operations rate at $0.6969 and the debt service rate at $0.3575.
These rates combined result in an effective tax rate of $1.0544 per $100 of valuation, which is $0.0077 per $100 of valuation higher than the previous year's rate of $1.0467 per $100 of valuation.
What you need to know
The rate will raise more tax revenue for the district this fiscal year than the previous year, per required tax filings, including the one-penny increase approved by voters in May to fund the $649 million bond package.
GISD Chief Financial Officer Jennifer Hanna said the district is expecting to pay about $9 million in recapture for the 2023-24 fiscal year, which is projected to rise to $19.8 million for the 2024-25 fiscal year. These are funds derived from local property tax revenues that are then sent back to the state as excess local revenue, and the amount is determined by a funding formula employed by the state to determine how much funding districts can receive.
Did you know?
The M&O portion of the tax rate funds the regular operations of the district, while the debt service rate, also known as the interest and sinking or I&S rate, contributes to the district's debt payments such as bonds.
