Irving ISD Lowers Tax Rate
At the August 18 meeting of the Board of Trustees, the Irving ISD school board adopted the budget and lowered the tax rate for the 2014-2015 school year. The board unanimously voted to lower the school district’s property tax rate by three cents, decreasing the overall tax rate from $1.465 to $1.435 per $100 of assessed value. This is the first decrease in the school district tax rate since the 2007-2008 school year.
“This is something this board has really pushed for… to try and decrease the taxes for our residents,” Board President Larry Stipes said at the August 18 meeting.
“The decrease was possible because property values increased and the revenue needed next year to pay the outstanding debt allowed the rate to be lowered two of the three pennies,” says Debbie Cabrera, associate superintendent for business services. “The remaining penny decrease will be taken from the debt service fund balance.”
The chart below shows the district’s tax rate compared to the last five years. The tax rate has two parts:
· Maintenance and Operation (M&O) – everyday expenditures including salaries, utilities, etc.
· Interest and Sinking (I&S) – debt service including capital projects like school renovations
For the 2014 tax year, the property values in Irving ISD increased by $533.8 million dollars. Because of this rise in property values, the M&O tax rate of $1.04 (which is the same as the last four years), will result in more revenue for the district. With residential, commercial, and business personal property assessments improving, the amount of taxes due to the school district will increase. For a $100,000 home, the school district will experience increased revenue of approximately $40.
For homeowners in Irving ISD, the amount of taxes owed will depend on the assessed value of their home. To calculate their school taxes, residents should divide their property assessment by 100 and then multiply that number by the tax rate of $1.4350. This will determine their overall taxes due for this year. Despite the decrease in the school district’s overall tax rate, a homeowner could experience a higher tax bill if their property value assessment has increased.
Currently, the average assessed home value in Irving ISD is $131,115, with a taxable value of $116,115 after the $15,000 state homestead exemption. Based on the three cent decrease to the I&S tax rate for this average homeowner, their tax bill would drop from $1,701 to $1,666 for an annual savings of $35.
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Director of Communications
Irving Independent School District
2621 W. Airport Freeway, Irving, TX 75062