The new tax rate is approximately $1.10 per $100 valuation, compared with the previous rate of approximately $1.12. For a home with a taxable value of $160,000 ($200,000 appraised value - $40,000 Local Option Homestead Exemption), the tax reduction means an annual savings of approximately $195.91.

 

Here is a glance at the tax rate for the last five years using the exact figures:

 

Year	Maintenance & Operations	Interest & Sinking	Total
2022-23	$0.8646	$0.238481	$1.103081
2021-22	0.882	0.238481	1.120481
2020-21	0.9302	0.238481	1.168481
2019-20	0.99	0.238481	1.228481
2018-19	1.06	0.238481	1.298481

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 salaries and daily operations. 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.

In other financial news, GISD received a preliminary rating of 98 ​for the financial accountability rating system. The annual rating is given by the state's school financial accountability rating system, known as the School Financial Integrity Rating System of Texas (FIRST). The rating system is designed to ensure that Texas public schools are held accountable for the quality of their financial management practices and that they improve those practices.