For the 2020-21 school year, district administration recommended a total property tax rate of $1.4166 per $100 valuation at the July 27 regular meeting of the KISD board of trustees.
This proposed rate consists of a maintenance and operations tax rate at $1.0266 per $100 valuation and an interest and sinking rate at $0.39 per $100 valuation.
This is a decrease of $0.0266 from the 2019-20 adopted tax rate of $1.4432. The 2018-19 property tax rate was $1.5166.
The property tax rates are decreasing because of the passage of House Bill 3—the state Legislature’s school finance reform bill—during the 86th legislative session in 2019, KISD Chief Financial Officer Christopher J. Smith said in a budget presentation at the July 27 meeting.
The KISD 2020-21 projected budget and tax rate were created based on a 5.1.% increase of student enrollment to 87,033, a 5.44% increase of taxable values to $44.1 billion and two new campuses, he said. KISD has also budgeted for a 1% salary increase for staff along with a 1% lump sum payment in December.
In total, KISD's 2020-21 general fund revenue will total $838.9 million of which local funding accounts for 53.2%.
A public hearing about the 2020-21 proposed tax rate and budget will be held Aug. 24.
