The Greenville ISD Board of Trustees approved a 5.98-cent tax rate decrease at its August 18 meeting.
The new tax rate is approximately $1.17 per $100 valuation. Here are the exact figures:
|
Maintenance & Operations |
Interest & Sinking |
Total |
|
$0.9302 |
$0.238481 |
$1.168681 |
“This reflects several years of conservative fiscal management,” School Board President Dr. Kim Butcher said. “We are proud to be able to pass along the savings to our taxpayers during this challenging time when everyone is tightening their belts."
For a home with a taxable value of $150,000, the tax cut means an annual savings of approximately $90.
Greenville ISD is not alone in reducing its tax rate. Across Texas, property tax rates are being compressed in compliance with House Bill 3. The state has committed to replacing funds reduced by the required tax rate compression.
The Greenville ISD property tax rate is made up of two parts: the Maintenance and Operations (M&O) rate and the Interest and Sinking (I&S) rate. M&O funds are used for daily operations and salaries. I&S funds are designated for paying the principal and interest on voter-approved bonds used for capital improvements, such as buildings and construction projects.
