The overview
During a Sept. 12 meeting, trustees voted unanimously to adopt a tax rate of $1.1075 per $100 valuation for the upcoming fiscal year, down from last year’s rate of $1.2929 per $100 valuation.
According to district documents, the tax rate includes $0.7575 for maintenance and operations and $0.35 for debt service. The rate is based on a total appraised value of more than $28.9 billion and a total estimated taxable value of roughly $23 billion, according to estimates provided by the Harris Central Appraisal District.
District officials said the 2023 tax rate represents a roughly 14.3% decrease from last year’s rate.
How we got here
In June, the district proposed a tax rate of $1.2312 per $100 valuation. However, the passage of SB 2 in July required district officials to adjust the tax rate to account for an increase to the homestead tax exemption, which will rise from $40,000 to $100,000.
Texans will need to approve a constitutional amendment included in SB 2 during the Nov. 7 election for the tax cuts to show up on this year’s tax bill.
