The board approved a total tax rate of $1.4747 per $100 valuation for this school year at an Aug. 25 meeting. The rate is a $0.01365 decrease from the 2019-20 rate, which is due to a reduction in the maintenance and operations portion of the tax rate.
"2021 represents the first year where individual school district property value growth will determine the extent of additional compression on the M&O tax rate," said MISD Chief Financial Officer Jason Bird, referencing House Bill 3. "The faster you grow, the lower your tax rate becomes."
MISD is expecting the average property value in McKinney to increase by just under 4%, Bird said.
Bird said the tax rate decrease will result in around $48.05 in savings on the average home in McKinney.
In June, the board unanimously approved a nearly $245.3 million operating budget for the 2020-21 school year.