McKinney ISD During the Aug. 25 McKinney ISD board of trustees meeting, the board approved the district’s 2015-16 property tax rate of $1.67 per $100 valuation.
The rate is divided into two categories: the maintenance and operations portion of the tax rate of $1.17 per $100 valuation and the debt service rate of $0.50 per $100 valuation.
The debt service rate is devoted to paying the principal and interest on the district’s outstanding bonds. The maintenance and operation portions pay for salaries and benefits, utilities and supplies.
This rate, approved by voters in 2013, is the highest amount currently allowed by the state.
MISD board president Amy Dankel said in order for MISD to lower that portion of the tax rate, MISD would have to hold an election, which would cost several thousand dollars.
The district has asked legislators to change that law so when MISD does decide to lower the rate, it will avoid spending thousands of dollars for
the election.
The tax rate helps fund the district’s 2015-16 budget that was approved in June at $206.7 million.
Dankel said the 2015-16 budget will allow MISD to reward personnel with a 3 percent raise, something board members marked as a priority to keep staff from moving to nearby districts.
McKinney ISD During the Aug. 25 McKinney ISD board of trustees meeting, the board approved the district’s 2015-16 property tax rate of $1.67 per $100 valuation.
The rate is divided into two categories: the maintenance and operations portion of the tax rate of $1.17 per $100 valuation and the debt service rate of $0.50 per $100 valuation.
The debt service rate is devoted to paying the principal and interest on the district’s outstanding bonds. The maintenance and operation portions pay for salaries and benefits, utilities and supplies.
This rate, approved by voters in 2013, is the highest amount currently allowed by the state.
MISD board president Amy Dankel said in order for MISD to lower that portion of the tax rate, MISD would have to hold an election, which would cost several thousand dollars.
The district has asked legislators to change that law so when MISD does decide to lower the rate, it will avoid spending thousands of dollars for
the election.
The tax rate helps fund the district’s 2015-16 budget that was approved in June at $206.7 million.
Dankel said the 2015-16 budget will allow MISD to reward personnel with a 3 percent raise, something board members marked as a priority to keep staff from moving to nearby districts.
