Explained
The approved tax rate remains the same as last fiscal year, according to TISD officials.
According to the district, its total tax rate is made up of two parts:
- $0.396 per $100 valuation for the interest and sinking tax rate, which is used to pay off debt for school improvements
- $0.6669 per $100 valuation for the maintenance and operations tax rate, which funds the general operations of TISD, including teacher salaries and supplies and utilities
Also of note
The district based its tax rate calculation on the expectation that voters will approve Senate Bill 4 in November and, as a result, raise the statewide homestead exemption from $100,000 to $140,000, giving larger tax breaks to certain property owners and businesses.
“Should that not happen? Should that ballot measure fail in November? We would have to go back and recalculate everyone's tax bill back to the $100,000 homestead exemption and send out amended tax statements. Nobody anticipates that to occur,” TISD Chief Financial Officer Zack Boles said.
What’s next
Boles said the district plans to send out tax statements by Oct. 1.
