Katy ISD board approves lowered tax rate for FY 2023-24
4 Oct 2023
By: Dave Manning - Community Impact
The proposed decrease in the tax rate for fiscal year 2023-24 unveiled by Katy ISD Chief Financial Officer Christopher Smith on Sept. 18 was approved Sept. 25.
District board members approved decreasing the school district’s tax rate by $0.0185 per $100 valuation.
What they’re saying
“Trustees and I are pleased to approve a 2023-2024 tax rate that will represent an 18.5-cent decrease, bringing our community’s overall rate down,” Katy ISD Board President Victor Perez said.
District officials noted this marks the fifth year in a row the tax rate has decreased, and the new rate is down from the FY 2022-23 rate of $1.30.
The breakdown of the $1.12 per $100 valuation tax rate is as follows:
- $0.73 for maintenance and operations purposes
- $0.39 for payment of principal and interest on debts
The new tax rate would result in approximately $3,680 of annual taxes for the district's calculated average taxable home value of $328,719. For comparison, the average tax bill from the previous year was estimated to be $4,242, or a $562 decrease year over year.
These projections from the district assume the successful passing of the statewide proposition proposing an increase in the school district homestead exemption from $40,000 to $100,000, which will be on ballots in Nov. 7.