Under the new rate adopted at a Sept. 19 board meeting, the owner of a $300,000 home would pay $3,343.80 in property taxes to CCISD, a reduction of $195.30 from the previous year, assuming no change in property value.
According to a presentation from Chief Financial Officer Alice Benzaia, the new rate is a reduction of $0.0651 from the previous year’s tax rate of $1.1797.
She said in the new rate, $0.8446 will be allocated toward the general service fund and $0.27 will be for the debt service fund. The rate the board approved Sept. 21 is a further decrease in the proposed rate from the previous board meeting on the topic.
Benzaia said the total 2022 taxable property values were certified at $32 billion, a 10% increase over the 2021 taxable property values. She said the average taxable value of residences rose from $255,603 last year to $268,961 this year, causing taxes on average residences to go from $3,015.35 to $2,997.84 with the new rate, a change of $17.51.
“Property value growth that we’ve seen has allowed us to bring the rate down,” Benzaia said. “We’ve also had savings from refinancing some of our debt over the years, so our debt payments we’ve been able to reduce from our initial expectations.”
The new rate was adopted amid budget shortfalls the district continues to face due to an enrollment drop caused by the COVID-19 pandemic.
To view the CCISD board of trustees meeting schedule and agendas, visit its official website.
