Spring - Klein Edition | October 2023

Education

BY WESLEY GARDNER & EMILY LINCKE

Spring, Klein ISDs lower property tax rates for FY 202324

Both the Spring and Klein ISD boards of trustees lowered their property tax rates for scal year 2023- 24 in meetings held Sept. 12 and Oct. 2, respectively. In a nutshell SISD approved a tax rate of $1.1092 per $100 valu- ation for FY 2023-24. SISD’s Chief Financial Ocer Ann Westbrooks said the new tax rate: • Is $0.15 less than FY 2022-23’s rate of $1.2546 • Includes a maintenance and operations rate— which pays for the general fund budget—of $0.6692, and an interest and sinking rate—which funds debt service from bonds—of $0.44 Meanwhile, KISD approved a tax rate of $1.0316 per $100 valuation for FY 2023-24. According to district documents, the new tax rate: • Is about $0.20 less than FY 2022-23’s rate of $1.23 • Includes an M&O rate of $0.6716 and an I&S rate of $0.36

Why it matters Despite increasing home values across Harris County, district data shows the average tax bill for homeowners will drop following the passage of Senate Bill 2 in July. Under the bill, homeowners will receive a $100,000 tax exemption on their primary home, up from the previous $40,000 exemption. • In SISD, Westbrooks said if a homeowner’s house has a market value of $200,000, they can expect a property tax bill of about $1,000. • In KISD, documents show tax bills for home- owners are projected to drop from an average of $2,950 in 2022 to about $2,180 in 2023. Next steps Texans will need to approve a constitutional amendment included in SB 2 during the Nov. 7 election for the tax cuts to show up on this year’s tax bill.

Historical tax rates Both Spring and Klein ISDs have lowered their property tax rates over the past ve scal years.

Spring ISD Klein ISD

$1.50

$0.50

Fiscal year

SOURCES: SPRING ISD, KLEIN ISD, HARRIS COUNTY TAX OFFICE COMMUNITY IMPACT

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