Presented by: NeighborsGo
The Irving ISD school board has adopted the budget and lowered the tax rate for the 2014-15 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 2007-08 school year.
“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,” Debbie Cabrera, associate superintendent for business services, said in a news release. “The remaining penny decrease will be taken from the debt service fund balance.”
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.