Tomball ISD’s new tax rate for fiscal year 2023-24 represents a roughly 13% decrease from last year’s rate, which could bring the average taxpayer $1,230 in savings, district leaders said during a Sept. 11 workshop.

What you need to know

Trustees approved a total tax rate of $1.0652 per $100 valuation for FY 2023-24 on Sept. 12. The new tax rate:

• Is about $0.16 less than FY 2022-23’s rate of $1.23 per $100 valuation.
• Includes a maintenance and operations rate—which pays for TISD’s general fund budget—of $0.6692 per $100 valuation.
• Includes an interest and sinking rate—which funds debt service from bonds—of $0.3960 per $100 valuation.

Why it matters

With the new tax rate, the average TISD taxpayer will see a property tax bill of $3,179 in FY 2023-24 compared to an average bill of $4,409 in FY 2022-23, according to TISD Chief Financial Officer Zack Boles’ Sept. 11 presentation.

• This value is an estimate based on a $100,000 homestead exemption, an increase that was proposed by Senate Bill 2, which will be up for voter consideration in November, according to an Aug. 9 news release from Gov. Greg Abbott’s office.

However, 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.

Zooming in

TISD’s boundaries include about $16.6 billion in taxable property in FY 2023-24, a value that was certified on Sept. 1, according to Boles’ presentation.

• This value represents a roughly 17% increase compared to the previous fiscal year.
• This value is an estimate based on a $100,000 homestead exemption.

In case you missed it

In June, TISD’s board of trustees approved the FY 2023-24 budget, which included $203 million in revenues and $208 million in expenses, resulting in a $5 million shortfall.

In the FY 2023-24 budget, the district also increased security spending by 55% and curriculum/staff development spending by 13.02%.

Lizzy Spangler contributed to this report.