The KISD board of trustees approved a total tax rate of $1.4431 per $100 of valuation at the Sept. 23 meeting. This is a $0.0735 reduction from the FY 2018-2019 tax rate thanks to the passage of House Bill 3, the state Legislature’s school finance reform bill.
The FY 2019-20 property tax rate consists of a maintenance and operations tax rate of $1.0531 and an interest and sinking rate of $0.39.
In July, KISD Chief Financial Officer Christopher J. Smith said the district’s general fund tax revenue is projected to decrease by about $20.6 million year over year due to the lower tax rate. State funding from HB 3 is expected to help make up the funding difference.
In fact, the projected year-over-year increase in general fund revenue is expected to increase from $715.6 million to $792.2 million, Smith said in July.