New tax rate is $1.1156聽
The 精东影业 ISD Board of Trustees lowered the school district tax rate last week for the third year in a row. The trustees adopted the new rate at its board meeting on Sept. 21.
The new rate of $1.1156 per $100 valuation is $0.1931 lower than last year鈥檚 rate. The rate is based on the 2023 property values and the Maximum Compressed Rate set by the .
鈥淲e鈥檙e pleased any time we can lower the tax rate for our community,鈥 said 精东影业 ISD board president Melody Fowler. 鈥淭his is good news for our taxpayers who make education for our students possible.鈥
When House Bill 3, a school funding bill, was adopted in 2019, it started the process of compressing school district tax rates in Texas. As a result, 精东影业 ISD鈥檚 overall tax rate has gone down every year since.
精东影业 ISD鈥檚 property taxes 鈥 like all districts in Texas 鈥 have two components: the maintenance and operations tax rate (M&O) and the interest and sinking tax rate (I&S). The M&O rate funds day-to-day operations 鈥 everything from salaries to paying for textbooks. The I&S rate is strictly used to pay off bond debt and cannot be used for anything else.