Friday, September 13, 2013
Tax Rate Set by School Board at Regular Meeting
Raising the debt service rate from .341 to .385 cents will generate about $493,000 in revenue for bonded debt payments in the fiscal year, 2013, said Judy Downing, the district’s chief financial officer. With a maintenance and operations tax rate at $1.17, the overall rate now stands at $1.55 per $100 valuation.
Property tax rates are frozen by state law for people 65 years or older, and the district continues to offer a 20 percent homestead exemption. The increase comes after certified appraised values received in August were 3.56% lower than the past year, a decrease of about $750,000, Downing said during an earlier board meeting.
Trustees approved a $40.5 million budget for 2013-14 school year in June, as the district transitioned to a July 1 - June 30 fiscal year, instead of Sept. 1 to Aug. 31. While home values remain strong, Downing said taxable personal industrial property has moved out of the district, including about $30 million in property owned by the Schlumberger Company.