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MISD lowers tax rate
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By TANA ROSS
Taxpayers in Magnolia Independent School District may not see a decrease in property taxes next year due to increased values, but the tax rate will be lower.
MISD Board of Trustees adopted a $1.40 per $100 valuation tax rate Monday night, Aug. 18. The new rate, which taxpayers will see reflected on their tax statements next year is two cents lower than this year’s rate.
MISD Chief Financial Officer Erich Morris pointed out the average value of a home in the district has increased from $150,500 to $171,800, and the district’s tax base has grown by 17 percent, but MISD will not receive direct revenues as a result of the increase.
“Basically we don’t get the benefit of that (tax base increase) except for our interest and sinking fund,” said MISD Trustee Deborah Rose Miller.
Morris said the 2008-09 budget, adopted and supported by the new tax rate, will not realize the benefit of the tax base increase due to existing state funding. He said MISD, like all public school districts across the state, are struggling with an inadequate funding system created by the legislature coupled with unprecedented energy and fuel costs.
“The upcoming fiscal year is the final (year) under the current funding system generated by the last legislative session,” Morris said. “The same per pupil level of funding exists for 2008-09 as in the 2005-06 school year alongside previously unfunded mandates.”
Trustees adopted a $78.3 million budget with $400,000 from the district’s fund balance included for a balanced budget. Morris said MSD’s fund balance of $11.5 million is equal to a two to three month reserve. There were members of the public present for comments at the open hearing for the budget and tax rate preceding the meeting, at 6 p.m.
MISD Board of Trustees adopted a $1.40 per $100 valuation tax rate Monday night, Aug. 18. The new rate, which taxpayers will see reflected on their tax statements next year is two cents lower than this year’s rate.
MISD Chief Financial Officer Erich Morris pointed out the average value of a home in the district has increased from $150,500 to $171,800, and the district’s tax base has grown by 17 percent, but MISD will not receive direct revenues as a result of the increase.
“Basically we don’t get the benefit of that (tax base increase) except for our interest and sinking fund,” said MISD Trustee Deborah Rose Miller.
Morris said the 2008-09 budget, adopted and supported by the new tax rate, will not realize the benefit of the tax base increase due to existing state funding. He said MISD, like all public school districts across the state, are struggling with an inadequate funding system created by the legislature coupled with unprecedented energy and fuel costs.
“The upcoming fiscal year is the final (year) under the current funding system generated by the last legislative session,” Morris said. “The same per pupil level of funding exists for 2008-09 as in the 2005-06 school year alongside previously unfunded mandates.”
Trustees adopted a $78.3 million budget with $400,000 from the district’s fund balance included for a balanced budget. Morris said MSD’s fund balance of $11.5 million is equal to a two to three month reserve. There were members of the public present for comments at the open hearing for the budget and tax rate preceding the meeting, at 6 p.m.
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