The Leander ISD school board will consider maintaining this year's property tax rate for the 2014 fiscal year thanks to rising commercial and residential values.
The board on Aug. 1 directed staff to advertise a tax rate of $1.51187 per $100 of assessed value prior to holding an Aug. 29 public hearing. The board must adopt a tax rate to support the budget before Sept. 15. The recommended tax rate supports a proposed $247.4 million general operating budget, which must be approved before the fiscal year begins Sept. 1.
Residential property values in Leander ISD increased an average of 3.41 percent, said Ellen Skoviera, LISD assistant superintendent for business and operations. Under the proposed rate, the annual tax bill on an average home valued at $229,000 would increase by $114.15, she said, or $9.51 per month.
The value increase will allow the district to collect about $3.3 million in additional funds that will go toward paying down and restructuring existing debt, Skoviera said. The tax rate to fund maintenance and operations is capped at $1.04 per $100 of value, which the district has met. The highest rate a district can collect to repay its debt is 50 cents per $100 valuation. The proposed I&S tax rate is $0.47187.
