What’s happening?
FISD at a workshop meeting Aug. 10 approved the date for a public hearing on its budget and to approve a tax rate.
The district is required to announce it’s considering a specific tax rate 10-30 days prior to the meeting, officials said.
The numbers
The proposed tax rate for the district totals $1.08 per $100 valuation, according to district documents. That rate comes in lower than last year’s $1.2094 and was reduced further from a tax rate of $1.2094 due to recent state legislation.
Despite the reduction, that number still exceeds the rate of $1.05046, which is the maximum the state allows without a voter-approval tax rate election, also called a VATRE.
If the district adopts a rate of $1.08, a VATRE for November will automatically be triggered.
At a rate of $1.08, the average home valued at $560,417 would see a tax reduction of about $694 on their total tax bill compared to last year, according to district documents.
What else?
Aug. 21 is the last day for a taxing body to call for something to be on the November ballot. FISD officials have discussed for months the possibility of seeking a VATRE to help plug up a projected shortfall of more than $2 million in the fiscal year 2023-24 budget.
