The Plano ISD board of trustees approved the district’s 2018-19 budget June 12. Here are three takeaways from the budget report on property taxes and recapture payments.
For Fiscal Year 2018, Plano ISD is preparing to send more money than ever to the state in the form of recapture payments, and projections show those payments will continue on an upward trajectory into fiscal year 2019.
The state’s recapture practice was initially adopted to send money from “property wealthy” school districts to poorer districts.
Trustees agreed May 22 to publicly advertise a property tax rate of $1.439 per $100 property valuation for the next fiscal year, a rate unchanged from the previous year.
The proposed $1.439 per $100 rate is the same rate adopted in the last three years. That rate is broken down into two categories: $1.17 per $100 valuation for the district’s day-to-day operations, and $0.269 per $100 valuation for the district’s debt-service payments.
Trustees will vote over the final tax rate in September, according to a presentation from the May 22 meeting.
Despite maintaining the same tax rate since the 2015-16 year, rising property appraisals are bringing in more revenue for the district—but much of that money will go to the state in the form of recapture payments.
With a reported $340,250 taxable value of the average home in PISD, the district expects the average homeowner will send PISD $4,896 in the 2018-19 year. That is a 30 percent increase since the 2014-15 year, according to the budget report.