The decrease follows voter approval of a $326.9 million bond package in May and the sale of $99 million in bonds earlier this summer, which district officials previously said could cause the property tax rate to increase.
However, the district's interest and sinking tax rate—which funds debt service—did not change year over year, district records show.
"[This] speaks to our district’s commitment to excellent fiscal management," Superintendent Heath Morrison said in the release.
Since FY 2016-17, MISD's tax rate per $100 valuation has dropped about $0.15 from $1.37 to $1.2289, according to district information.
“We are pleased to adopt a lower property tax rate for the district and provide our taxpayers with needed relief. However, we are concerned about the level of funding our district receives per student as compared to the rest of the state,“ Montgomery ISD Board President Matt Fuller said in the Aug. 17 release. “We continue to engage our legislators in conversations about potential funding solutions that will allow the district to maintain a balanced budget while providing our teachers and staff members with competitive compensation packages.”
Trustees also heard an update on projects from the 2022 bond package during the Aug. 16 meeting, according to the release.
Kris Lynn, assistant superintendent of finance and operations, said the community will be able to submit suggestions for the name, mascot and school colors of Elementary School No. 7, which is included in the bond. The top suggestions will be submitted for board approval by the end of the 2022-23 school year, according to the district.
MISD previously announced the district was eyeing a location for the new elementary school behind Lake Creek High School off FM 2854.