The tax rate, which will be reflected in tax bills sent to residents and business owners in November, includes $0.97 per $100 valuation for maintenance and operations and $0.34 per $100 valuation for debt service. The previous tax rate of $1.40 per $100 valuation had not changed since FY 2013-14.
“We are pleased to be able to pass [these] significant tax savings to our residents and business owners while simultaneously providing our staff record compensation packages,” Superintendent Greg Smith said in a press release.
The tax rate drop is due mostly to House Bill 3, which will increase state funding for school districts, reducing the need for local tax dollars. When voters approved a 2017 CCISD bond to fund construction, rebuilding and maintenance of schools, the district expected a tax rate increase of $0.035, but instead, the tax rate has been reduced by $0.02 due to high property values and proactive management of the bond program's debt, according to the release.
In late August, the CCISD board approved the FY 2019-20 budget of $361.2 million, which includes $11.7 million worth of raises for teachers and staff.