Mexia ISD set to lower overall tax rate
With classes for the new school year set to start Monday, Mexia ISD trustees last night met to set the budget and tax rate for 2013-14.
The proposed tax rate was adopted by the MISD board in a special meeting Aug. 12, and a public hearing was set for 5:45 p.m. yesterday, with a special meeting immediately following at 6 p.m. to adopt the tax rate and new $16.262 million budget.
The budget is an increase from last year’s $15.5 million. The difference comes from an increase in state funding and about $150,000 more in local tax revenues due to increased property values.
The district proposes no change in the $1.04 per $100 in valuation rate for
The proposed budget no change in the $1.04 per $100 in valuation rate for Maintenance & Operations, but due to an increase in the total value of taxable property in the district since last year, that same rate will yield a 4.44 percent increase in revenue.
Interest & Sinking costs (debt service on major projects) will actually decrease by 5.20 percent compared to last year, with a rate of .0716 per $100 in valuation proposed, a drop from the .0819 per $100 valuation rate last school year.
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