Friday, September 13, 2013

Tax Rate Set by School Board at Regular Meeting

On Monday, September 9, 2013, the Pine Tree ISD Board of Trustees approved a $1.555 per $100 valuation tax rate, which is an increase from the previous year.

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.

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