The CISD board of trustees unanimously approved the district’s tax rate of $1.2381 per $100 of assessed value Aug. 21. This rate is 13% lower than last year’s rate of $1.4235 per $100 valuation.
The gist
The FY 2023-24 tax rate is broken down into two categories.
- The maintenance and operations rate covers the district’s operational expenses, such as payroll and other day-to-day costs. This rate is $0.7381 per $100 valuation.
- The debt service, sometimes called interest and sinking, rate goes toward paying a district’s principal and interest on debts. The district’s debt service rate is $0.50 per $100 valuation.
With a lower tax rate for the new school year, CISD residents’ taxes will garner more funds than last year due to rising property values, according to district officials.
Taxable values in the district have increased nearly $1 billion since last year, per district documents. This year’s taxable property value is $3.75 billion for the district—nearly 36% higher—than last year’s values of $2.76 billion, documents stated.
With higher assessed values, the district’s tax rate for maintenance and operations will effectively be raised by 12.05%, according to district documents.
