The district's tax rate is split into two parts – maintenance and operations, or M&O, which funds the daily operations of the district, and interest and sinking, or I&S, which is used to make debt payments on capital projects, such as new schools.
The M&O tax rate will be reduced from $0.9664 per $100 assessed valuation to $0.9278, according to information presented to the board. The I&S rate will remain at its current rate of $0.3809. This brings the combined new property tax rate to $1.3087 per $100 assessed valuation, a decrease of $0.0386.
Based on this decrease, the owner of a house valued at $300,000 can expect to pay $115.80 less in taxes per year to Lewisville ISD.
The board of trustees also unanimously approved a budget for the 2021-22 fiscal year, which begins Oct. 1. The district expects to earn $552.49 million in revenue and will spend $579.11 million. Officials plan to spend $17.5 million from the federal Elementary and Secondary Emergency Relief fund. The district will also use $9.5 million from its fund balance to make up the difference between revenue and expenses. The district's budget can be found here.
