The details
According to district documents, the adopted tax rate of $1.0875 per $100 valuation is less than the $1.2729 rate proposed at the June 20 board meeting.
According to the Texas Education Agency, a district's property tax rate consists of a maintenance and operations tax rate and, if applicable, an interest and sinking tax rate. The M&O tax rate provides funds for maintenance and operations. The I&S tax rate provides funds for payments on the debt that finances a district's facilities.
Zooming in
According to district documents, Keller ISD’s M&O tax rate presented for adoption is $0.7575 which represents a decrease of 18.54 cents from last year’s M&O tax rate of $0.9429. The district’s I&S tax rate presented for adoption is $0.33. This represents no change from the previous year.
Chief Financial Officer Scott Wrehe said the 18.54 cent decrease from last year would equate to an estimated tax savings of $185.40 on a home valued at $100,000.
Quote of note
Board President Charles Randklev applauded the lower tax rate, referring to it as the “keep more money in your pocket rate.”
“I’m excited about this rate,” Randklev said. “Anytime we have an opportunity to help people getting squeezed at the grocery store and at the gas pump, it’s a good thing. I’m glad we were able to provide some relief.”
