The Wylie ISD school board on Monday approved a property tax increase of about 26 cents, meaning taxpayers will have to dig deeper into their pockets to pay their tax bills.
During a special meeting, trustees approved the district’s new tax rate and budget for the 2024-2025 fiscal year.
The school board approved a rate of $1.1506 per $100 of property value, according to the resolution.
The rate consists of $0.6669 for maintenance and operations and $0.4837 for the repayment and payment of interest on debt.
According to WISD tax records, the tax rate for the previous year was $0.89.
In 2023, the M&O rate was $0.6692 and the interest and principal rate to generate tax revenue for debt repayment was $0.2208.
“So much of what is happening now with school funding is dictated to us,” said Superintendent Joey Light.
The maximum compressed tax rate is given to the district by the state, and if the school district does not meet the maximum rate, whether it is higher or lower, it will be penalized by the state, Light said.
The M&O rate in the state of Texas is $0.6669.
“Just as a reminder, as we looked at the bond election and in order to adequately fund our bond debt, we really rely on the tax assessment district to make sure that our $100,000 property tax exemptions, our tax abatements, all of those things are accounted for. They have a tough job,” Light said.
The district is relying on Gary Earnest, chief appraiser of Taylor County’s Central Appraiser District, and his team to know exactly what to do because there are many moving parts, Light said.
“That’s why this year we will be paying exactly the I&S rate that Gary recommended for the bond payments,” he said.
The overall tax rate is lower than in 2020 and the M&O rate is lower than ever before, Light said.
“The state of Texas is contributing money to lower property taxes across the state, which benefits all of us and is a good thing,” he said.
The school board also approved a budget of nearly $64 million for 2024-2025.
The budget proposal provides $48 million in the general fund, $3 million for food and $13.3 million to pay off debts, such as bonds.
“I think as growth continues, we will see increasingly larger budgets,” Light said.
