During an Aug. 18 regular meeting, PfISD Chief Financial Officer Jennifer Land presented to the board documents showing the total taxable valuation within the district went up from $17.6 billion for the 2021-22 fiscal year to $22.16 billion in the 2022-23 fiscal year, representing an increase of about 26%.
Subsequently, the stark rise in valuation means that a proposed rate of $1.2646 for 2022-23—about $0.12 lower than last year's rate of $1.388—is still in excess of what is legally allowed by the state's Senate Bill 2, which caps property tax revenues at 3.5% over the previous year.
Following an assessment of fiscal need for the 2022-23 school year at the Aug. 18 meeting, officials at Pflugerville ISD voted to accept the proposed tax rate.
That approval required the board to subsequently approve a voter approval tax ratification election, or VATRE, to take place in November.
Specifically, a VATRE is required because the approved rate exceeds what is called the no-new-revenue rate of $1.11 by 21.4%, according to district documents.
Notably, officials initiated a VATRE last November, but the measure failed.
"We need this VATRE to maximize our state and local revenue," Land said, adding the passage would net the district about $6.9 million for the 2022-23 school year at a cost of about $100 for an average taxpayer within PfISD.
District documents specify that with the new rate, the PfISD portion of a property owner's tax bill will see an increase this year of $161.81 per $100,000 of valuation.
Trustee and board President Vernagene Mott said at a July 14 board meeting that the district needs to become much more savvy about marketing the election.
At the same meeting, Land said the projected shortfall without a VATRE could be up to $11.2 million, and added a successful VATRE could bring the projected 2022-23 district deficit to as low as $3.7 million.
