Magnolia ISD released a statement April 23 indicating that the board of trustees anticipates approving a 3 to 4 cent tax rate drop for the 2020-21 fiscal year.
Erich Morris, assistant superintendent of operations for MISD, said in an email the reduction would take place in August after the board formally votes on the issue.
“Given the funding associated with [House Bill 3], a drop in the district’s tax rate will not negatively impact MISD regardless of if/when the state makes cuts to district budgets,” he said
House Bill 3 gave MISD the opportunity to lower the tax rate for a second consecutive year, Morris said.
According to the release, the Montgomery County Appraisal District had set property tax values prior to the coronavirus pandemic, and MISD wanted to provide relief to taxpayers by decreasing MISD's tax rate.
Morris said while things remain uncertain, so far, he has heard that state funding for public education will not be reduced next year.
“Thanks to the efforts of a fiscally responsible school board, MISD is in a favorable financial position,” Morris said.
With this new proposed drop in property taxes, MISD will have decreased its property tax rate by 10 cents over the last two years.
“Our board hopes this brings some comfort to our families and taxpayers during these unsettled economic times,” the release reads.