The present
MISD trustees unanimously approved the district’s FY 2023-24 tax rate of $1.0487 per $100 valuation during an Aug. 21 board meeting.
“Our property growth has allowed us to keep that rate the same, and I don't see any need to increase it,” MISD Chief Financial Officer Ben Davidson said during the meeting.
However, a lower tax rate does not necessarily equal a lower tax bill for taxpayers if their values have gone up, as previously reported by Community Impact.
- The district’s total tax rate encompasses a maintenance and operations tax rate—which funds the district’s general fund budget—of $0.6744 and an interest and sinking tax rate—which funds debt payments from bonds—of $0.3743, Davidson said.
In August 2022, MISD trustees approved a tax rate of $1.2289 per $100 valuation for FY 2022-23.
- 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.
The MISD board of trustees approved a balanced budget for FY 2023-24 during a June 27 board meeting. The budget includes a 3.1% increase in projected total general fund revenue compared to the FY 2022-23 budget.
The approved budget includes:
- Total revenue of $87.9 million
- Proposed expenditures of $87.8 million
- Putting $54,436 into reserves
- A $1,300 increase for employees on the teacher salary schedule
- A 2% increase for all other employees
- An increase to substitute daily pay
