Trustees approved a fiscal year 2022-23 tax rate of $1.23 per $100 valuation for the upcoming fiscal year, down $0.07 from the FY 2021-22 tax rate of $1.30 per $100 valuation. According to a Sept. 12 district news release, the new tax rate is KISD's lowest tax rate in 30 years.
"We are so pleased that our board of trustees adopted the lowest tax rate in 30 years," board President Ronnie Anderson said in a statement. "I am grateful for the partnership of our board of trustees and district leadership in maintaining our tradition of excellence, always working together to meet the needs of our students and maintain our high level of financial integrity and transparency while focusing on cost-saving measures for our taxpayers."
According to district documents, the adopted tax rate includes $0.855 to be used for maintenance and operations and $0.375 to be used for debt service. The rate is based on a total appraised value of more than $34 billion and a taxable value of roughly $28.5 billion, according to estimates provided by the Harris County Appraisal District.
While the new property tax rate represents a 5.38% year-over-year decrease, the HCAD reported more than 95% of residential properties countywide had year-over-year value increases of at least 20% in 2022, as previously reported by Community Impact Newspaper. KISD Chief Financial Officer Dan Schaefer said he is hopeful the lower tax rate will help offset rising property values throughout the district.
"We are excited that the trend of a lower tax rate continues," Schaefer said in a statement. "This $0.07 reduction will certainly help our taxpayers as it will directly offset a portion of the impact of property value growth on their tax bills."
For more information about paying property taxes in Harris County and information on homestead exemptions, click here.
