MIDLAND, Texas (KMID/KPEJ) – Midland ISD is currently evaluating tax rate scenarios, according to a release, as a result of recent legislation which required additional Maintenance and Operation tax rate compression. This led to a revision from the previously proposed tax rate.
The revised public notice includes an overall tax rate of $0.8795, accounting for $9.6596 for M&O and $0.2200 for I&S. This is an overall reduction of 3.53 cents in comparison to the 2022-2023 tax rate.
MISD says the lower rate signifies a commitment to fiscal responsibility by the district, while also representing benefits for the taxpayers in the community. I&S tax dollars are not subject to recapture and taking advantage of the tax rate compression will keep taxpayers’ dollars locally, benefitting students, staff, and the community.
According to the release, the new lower tax rate will address current debt, leading to an estimated $33 million in savings for taxpayers while reducing the overall tax rate by 3.53 cents from the previous year.
The MISD School Board will be holding a public hearing on this topic during their regularly scheduled monthly meeting on Tuesday, September 19th at the Bowie Fine Arts Academy, located at 805 Elk Ave., beginning at 5:30pm. Those wishing to speak must sign up before the start of the meeting.