Spring ISD’s new tax rate for fiscal year 2023-24 represents an almost 12% decrease compared to last year’s rate—the largest drop in at least five years.

What you need to know

Trustees approved a total tax rate of $1.1092 per $100 valuation for FY 2023-24 in a unanimous vote Sept. 12. SISD's Chief Financial Officer Ann Westbrooks said the new tax rate:

• Is about $0.15 less than FY 2022-23’s rate of $1.2546 per $100 valuation.
• Includes a maintenance and operations rate—which pays for SISD’s general fund budget—of $0.6692 per $100 valuation.
• Includes an interest and sinking rate—which funds debt service from bonds—of $0.44 per $100 valuation.

Why it matters

If a homeowner’s house has a market value of $200,000, they can expect a property tax bill of about $1,000, Westbrooks said.

• This value is an estimate based on a $100,000 homestead exemption, Westbrooks said, which is an increase proposed by Senate Bill 2 during the 88th legislative session. The homestead exemptions under SB 2 will be up for voter consideration in November, according to an Aug. 9 news release from Gov. Greg Abbott’s office.

“The tax rate is calculated and our bills will be prepared, as if SB 2 were in effect for tax year 2023,” Westbrooks said on Sept. 12.

A lower tax rate does not necessarily equal a lower tax bill for taxpayers if their property values have gone up, as previously reported by Community Impact.

In case you missed it

SISD’s board of trustees approved the FY 2023-24 budget—which shows a general fund with an anticipated $319 million in total revenue but about $345 million in anticipated costs, according to budget documents—on June 27.

• To cover the anticipated shortfall, the district’s Elementary and Secondary School Emergency Relief Fund monies will be used, leaving a $3.1 million gap, according to a June 29 news release from the district.