The Magnolia ISD board of trustees approved a proposed tax rate of $1.1472 per $100 valuation for fiscal year 2022-23, a $0.04 decrease from the ongoing fiscal year, at an Aug. 8 meeting.
At the same meeting, the board approved of a $232 million bond election, which Assistant Superintendent of Operations Erich Morris said will not result in a property tax increase for the foreseeable future.
This tax decrease follows a nearly $0.09 decrease from FY 2021-22 for a total of a $0.13 tax rate decrease proposed in two years.
“With this proposed rate and with feedback that I've received from the other districts in the area, this will place us the third lowest in the Houston area and second lowest in Montgomery County,” Morris said.
The tax rate for FY 2021-22 is $1.1872 per $100 valuation.
Trustee Sonja Ebel said during the meeting following the district's bond that voters last approved in 2015, the district saw a tax rate decrease from $1.37 per $100 valuation to $1.14 from 2016 to 2022.
“So the empirical evidence would show that [the bond] didn't increase our tax rate,” Ebel said.
The board of trustees will hold a public hearing on the proposed FY 2022-23 budget and tax rate Aug. 22 at 6:30 p.m. at the Magnolia Event Center, located at 11659 FM 1488, Magnolia, before voting to approve the items.