Katy ISD Board Approves Decreased School Tax Rate
Once again, Katy Independent School District is lowering the tax burden on local taxpayers. This year, the school district’s tax rate is decreasing by 18.5-cents per $100 valuation as approved by the district’s school board at their September regular meeting.
“Trustees and I are pleased to approve a 2023-2024 tax rate that will represent an 18.5 cent decrease, bringing our community’s overall rate down from $1.30 to $1.12,” said Victor Perez, Katy ISD Board President. “This is possible because of the state’s compression of the rate and the passage of the recent property tax relief bill. In addition, the expected increase in the state’s homestead exemption should further decrease tax bills this school year. The increase in the homestead exemption from $40,000 to $100,000, as approved by the state legislature, will be on the November 7th ballot,” added Perez.
|
2022-23 Tax Rate
|
|
|
Maintenance & Operations/General Operating (M&O)
|
$0.91
|
|
Interest & Sinking/Debt Service
|
$0.39
|
|
Total Tax Rate
|
$1.30
|
|
Approved Tax Rate: 2023-24
|
|
|
Maintenance & Operations/General Operating (M&O)
|
$0.73
|
|
Interest & Sinking/Debt Service
|
$0.39
|
|
Total Tax Rate
|
$1.12
|
At the September Board meetings, Katy ISD’s Chief Financial Officer, Christoper J. Smith, explained that the state’s allocation of money towards tax compression and property tax relief is designed to ease the burden of rising appraisal values set by counties.
This is the fifth year in a row that Katy ISD has decreased the tax rate. The Board approved tax rate will take effect immediately and will be seen on tax statements later this fall.
Source: Katy ISD
