Plano South | October 2022

CONTINUED FROM 1

2022 VOTER GUIDE

DEEP DIVE ON SCHOOL FINANCE

PROPOSITIONS B,C,D,E

Maintenance and operations tax rate: Pays for salaries, books, supplies, utilities and other day-to-day expenses. This tax money is also used to pay into the state's recapture fund.

AVERAGE TAXES PAID

PROPERTY TAX RATE

$ 1.439 $ 1.439

PROPOSITION A

Plano ISD property tax rates are declining. A $0.061 per $100 valuation decrease is proposed for 2022-23. The owner of an average priced home in Plano ISD is paying more in taxes due to increasing home values.

Five-year change in property tax rate: -$0.17925

LOCAL PROPERTY TAXES

$ 1.3374 $ 1.32375 $ 1.32075

$ 1.25975 PROPOSED

COMPARING TAX RATES, TAX BILLS Plano ISD seeks voter approval of Proposition A to set a higher property tax rate than state law allows so it can have more money for day-to-day operations. In the example below, the taxes owed are based on the current average taxable value of $409,645 for a home in Plano each year. Current 2021 tax rate: $1.32075 per $100 valuation

2021 2018 2019 2020

2022

2023

Five-year change in property taxes paid: +$950

$ 5,237

$ 5,104

$ 5,037

$ 4,832

$ 4,628

$ 4,287

OF EVERY TAX DOLLAR 27 ¢

OF EVERY TAX DOLLAR 37 ¢

Total recapture for 2022-23 (projected) $247.89M

As a property-wealthy district, Plano ISD must pay recapture to the state. That recapture expense continues to grow.

Total recapture for 2017-18 $157.11M

RECAPTURED BY THE STATE

School tax bill: $5,410.39

201718

202223

Educating voters One of the biggest challenges, accord- ing to district ocials, is making sure voters understand what is on the ballot and why it is needed. “When they say, ‘Wait a minute, you’re telling me I can get $1.5 billion in bond debt and an increase in M&O [maintenance and operations] by $9 million and still have a tax rate decrease of 6 cents?’” PISD Board President David Stolle said. “Yes, that is exactly what we are telling you we can do.” School districts get most of their rev- enue from local property taxes, which are generated by a tax rate divided into two parts: maintenance and operations

bonds and take on debt to pay for a host of capital projects, including campus renovations and security and technol- ogy upgrades. PISD ocials say passage of the four bond measures will have no eect on the district’s tax rate, but the language that voters see on the ballot describes each of these measures as a property tax increase under state law. The tax increase comes from the debt the district will incur. “People read that, and if they haven’t spent 15 minutes of educating them- selves, it’s hard for a lot of people to get over that hurdle,” said Johnny Hill, who is PISD’s deputy superintendent for business and employee services. A website taking a deep dive

into each ballot measure is at www.pisd.edu/election2022. The site includes text and charts to help voters understand the complexities of school nance. Online tools let voters search for the improvements proposed at each campus and review scores that rate the renovation and replacement needs for each PISD building. District ocials say they are encour- aging voters to ask questions and get involved. “Our goal is to share information about our elections with as many peo- ple as possible so they can make an informed decision when they go to the polls,” Superintendent Theresa Wil- liams said in an email.

IF VOTERS SAY YES 2022 tax rate: $1.25975 per $100 valuation

School tax bill: $5,160.50

IF VOTERS SAY NO 2022 tax rate: $1.22815 per $100 valuation

School tax bill: $5,031.06

CONTINUED ON 22

Have a CD or IRA Renewing? Earn up to with Nassau MYAnnuity 5x 4.55% 214-738-6100 www.retiretherightway.com

Law Offices of Dana D. Huffman, P.C. BERKNER HIGH STEPHEN F. AUSTIN TEXAS WESELYAN LAW 26 YEARS IN PRACTICE ESTATE PLANNING • PROBATE • MEDIATION CIVIL/FAMILY/CPS • ARBITRATION FALL BREEZE, AUTUMN LEAVES & ESTATE PLANNING. CALL FOR A CONSULTATION TODAY! CONTACT OUR OFFICE ABOUT REVOCABLE TRANSFER ON DEATH DEEDS

Retirement Strategies & Solutions

1901 N. Central Expressway, Suite 200, Richardson, TX 75080

*For Nassau MYAnnuity 5x only 5-year guarantee period, with no free withdrawal amount. Rate as of 8/2/2022, subject to change. Renewal rates after the initial guarantee period may vary. Early withdrawals may be subject to surrender charge and market value adjustment. Withdrawals are subject to ordinary income taxes and if taken prior to age 59 1/2, a 10% IRS penalty may also apply. Restrictions and terms apply. Nassau does not provide tax, financial or investment advice, or act as a fiduciary in the sale or service of the product. Nassau single premium fixed deferred by Nassau Life and Annuity Company (Hartford, CT), a subsidiary of Nassau Fiannical in MA, ME and NY. Insurance Product: NOT FDIC or NCUU Insured, NO Bank or Credit Union Guarantee. Copywright circle Nassau. BDP 40479

972-713-7757 • WWW.HUFFMAN.LAW

PLANO SOUTH EDITION • OCTOBER 2022