The overview
Facing a $2.45 million shortfall in its fiscal year 2023-24 budget, FISD approved a VATRE to be on the November ballot.
The board approved a tax rate of $1.08 per $100 valuation. Because the board approved a rate higher than the threshold set by the state, a VATRE was automatically triggered.
If voters were to deny the VATRE in November, the district’s tax rate for 2023 would go back to the $1.0224 rate.
Approving the tax rate increase in November would mean close to an additional $1.2 million in revenue for the district, Chief Financial Officer Amber Petree said at the Aug. 21 meeting.
Voters in general can expect to save on their tax bill this year due to the recent legislation Senate Bill 2, which reduced tax rates across the state.
For FISD residents, the owner of a home valued at $493,663 in 2022 that saw its value increase to $560,417 in 2023 can expect to save about $694 on their tax bill if the VATRE were to pass in November, according to district documents.
What else?
Similar to some neighboring districts, FISD has pinned a potential salary increase for employees to the passing of its VATRE. However, the district’s board will reserve the right to name what the increase is at a later date.
