The overview
During the board's Oct. 2 meeting, trustees adopted a tax rate of $1.0316 per $100 valuation for the upcoming fiscal year, down from last year’s rate of $1.23 per $100 valuation.
According to district documents, the tax rate includes $0.6716 for maintenance and operations and $0.36 for debt service. The rate is based on a total appraised value of more than $35 billion and a total taxable value of roughly $26.4 billion, according to estimates provided by the Harris Central Appraisal District.Why it matters
Despite home values within KISD’s boundaries increasing by roughly 10.4% from 2022 to 2023, district data shows the average tax bill for homeowners will drop by roughly $770 following the passage of Senate Bill 2 in July.
Under the bill, homeowners will receive a $100,000 tax exemption on their primary home, up from the previous $40,000 exemption. District documents show tax bills for homeowners within the district are projected to drop from an average of $2,950 in 2022 to about $2,180 in 2023.
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.
During the board’s Sept. 11 meeting, KISD Chief Financial Officer Daniel Schaefer noted similar amendments have historically been successful.
