A VATRE would allow the district to set a higher maintenance and operations tax rate than its current rate.
The no-new-revenue rate would be $0.87 per $100 valuation, due to increased property values and compression. The no-new-revenue tax rate is the rate that effectively generates the same amount of revenue on the same properties as the previous year.
If approved by voters, the tax rate would increase to $0.942 per $100 valuation, and revenue generated by the increase would be used to increase staff and teacher pay, and hire new positions to support the growing district.
Staff and teachers would receive a 3% pay increase each year, and the raise this year would be retroactively applied to months worked before the passage of the tax rate. Auxiliary personnel would receive a $1.50 hourly pay increase.
Following its passage, the tax rate is projected to lower to $0.92 in fiscal year 2022-23 and $0.91 in fiscal year 2023-24, due to rising property appraisal values, according to the district.
The interest and sinking rate will remain at $0.35 for a total tax rate of $1.929 per $100 valuation.
If voters do not approve the rate in November, the district’s M&O tax rate would revert to $0.87 per $100 valuation, and the total tax rate would be $1.22.