Lewisville ISD approves lower property tax rate for 2021-22 fiscal year

LISD sign.
Lewisville ISD approved a reduced property tax rate of 1.3087 per $100 assessed valuation. (Community Impact Newspaper file photo)

Lewisville ISD approved a reduced property tax rate of 1.3087 per $100 assessed valuation. (Community Impact Newspaper file photo)

Lewisville ISD trustees voted unanimously Aug. 30 to lower the property tax rate for the upcoming fiscal year.

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.
By Samantha Van Dyke
Samantha Van Dyke is Community Impact's DFW Metro Reporter. She previously served as managing editor of The Arkansas Traveler.


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