The Cy-Fair ISD board of trustees voted Oct. 13 to lower the district's property tax rate for the first time in seven years.

"I am very pleased to recommend a 1-cent reduction in the interest and sinking rate," CFISD Chief Financial Officer Stuart Snow said. "This decrease is with consideration of all the principal and interest requirements we have on our outstanding bonds as well as the [2014] bonds we sold last Thursday."

The 2014-15 tax rate stands at $1.44 per $100 of valuation, compared to last year's rate of $1.45 per $100 of valuation. The decrease comes from the interest and sinking portion of the tax rate, which represents 40 cents of the total tax rate.

The maintenance and operation portion of the tax rate helps fund the daily operations of the district while the interest and sinking portion pays for the debt that finances the district's facilities.

Taxpayers will pay about $2,088 this year on a $200,000 home when factoring in the district's 20 percent homestead exemption under the new tax rate.