During a board meeting Aug. 21, the Eanes ISD board of trustees unanimously agreed to reduce the property tax rate from $1.0046 to $0.888 per $100 of valuation, resulting in the lowest rate in the district's history.

This is an 11% decrease from 2022-23’s tax rate, at $1.0046 per $100 valuation.

Zooming in

The total tax rate for 2023-24 includes $0.768 for maintenance and operations and $0.12 for interest and sinking.

The decision to reduce the tax rate is due to state compression, which refers to the reduction of school property tax rates. This cuts from maintenance and operations and is based on the maximum compressed tax rate, or MCR, according to the Texas Education Agency.

“As much as we'd love to take full credit for lowering the tax rate, this is a state mandated change that we are following the law here and lowering the tax rate for compression,” Board President James Spradley said.

According to EISD Chief Financial Officer Chris Scott, the district’s recapture payment will be lowered due to the compression.

“What's going to happen is because we're collecting less, our recapture payment will actually go down next year, counterintuitively for us,” Scott said. “That's going to mean a loss of some revenue.”

Scott projects that the district will collect about $20 million to $25 million less than it did last year, for a loss of investment income around $1.1 million to $1.2 million.

For more information on the tax rate, visit www.eanesisd.net/dept/bs/taxes