NOTICE OF PUBLIC MEETING TO DI...
NOTICE OF PUBLIC MEETING TO DI...
NOTICE OF PUBLIC MEETING TO DISCUSS BUDGET AND PROPOSED TAX RATE The New Summerfield ISD will hold a public meeting at 05:30 PM, August 29, 2024 in New Summerfield ISD Boardroom. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited. The tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and comparisons set out below and holds another public meeting to discuss the revised notice. Maintenance Tax $0.74690/$100 (proposed rate for maintenance and operations) School Debt Service Tax $0.27585/$100 (proposed rate to pay bonded indebtedness) Approved by Local Voters Comparison of Proposed Budget with Last Year's Budget The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories.Maintenance and operations Debt Service Total Expenditures 17.00 %increase 17.36 %increase 17.10 %increaseTotal Appraised Value and Total Taxable Value (as calculated under Section 26.04, Tax Code)*Appraised value is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code. ** "New property" is defined by Section 26.012(17), Tax Code. *** "Taxable value" is defined by Section 1.04(10), Tax Code. Preceding Tax Year $272,826,912 $4,025,450 $101,869,046 $3,674,114 Current Tax YearTotal appraised value* of all property Total appraised value* of new property** Total taxable value*** of all property Total taxable value*** of new property** $390,297,029 $5,574,970 $120,160,779 $4,876,030*Outstanding principal. Bonded Indebtedness Total amount of outstanding and unpaid bonded indebtedness* $5,715,874Comparison of Proposed Rates with Last Year's RatesLast Year's Rate Rate to Maintain Same Level of Maintenance &Operations Revenue &Pay Debt Service Proposed Rate Maintenance&Operations $0.74920 $0.74621 $0.74690 Interest&Sinking Fund* Total $0.27585 $1.02505 $0.28411 $1.03032 $0.27585 $1.02275 Local Revenue Per Student $2,069 $2,495 $2,438 State Revenue Per Student $14,007 $13,629 $13,736 *The Interest &Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both. The bonds, and the tax rate necessary to pay those bonds, were approved by the voters of this district.Comparison of Proposed Levy with Last Year's Levy on Average ResidenceAverage Market Value of Residences Average Taxable Value of Residences Last Year's Rate Versus Proposed Rate per $100 Value Taxes Due on Average Residence Increase (Decrease) in Taxes Last Year $144,018 $0 $1.02505 $0.00 This Year $153,868 $0 $1.02275 $0.00 $0.00 Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value. Notice of Voter-Approval Rate: The highest tax rate the district can adopt before requiring voter approval at an election is $1.02275. This election will be automatically held if the district adopts a rate in excess of the voter-approval rate of $1.02275. Fund Balances The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment. Maintenance and Operations Fund Balance(s) $6,859,039Interest&Sinking Fund Balance(s) $259,528 A school district may not increase the district's maintenance and operations tax rate to create a surplus in maintenance and operations tax revenue for the purpose of paying the district's debt service.Visit Texas.gov/PropertyTaxes to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property. . The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.
NOTICE OF PUBLIC MEETING TO DISCUSS BUDGET AND PROPOSED TAX RATE The New Summerfield ISD will hold a public meeting at 05:30 PM, August 29, 2024 in New Summerfield ISD Boardroom. The purpose of this meeting is to discuss the school district's budget that will determine the tax rate that will be adopted. Public participation in the discussion is invited. The tax rate that is ultimately adopted at this meeting or at a separate meeting at a later date may not exceed the proposed rate shown below unless the district publishes a revised notice containing the same information and comparisons set out below and holds another public meeting to discuss the revised notice. Maintenance Tax $0.74690/$100 (proposed rate for maintenance and operations) School Debt Service Tax $0.27585/$100 (proposed rate to pay bonded indebtedness) Approved by Local Voters Comparison of Proposed Budget with Last Year's Budget The applicable percentage increase or decrease (or difference) in the amount budgeted in the preceding fiscal year and the amount budgeted for the fiscal year that begins during the current tax year is indicated for each of the following expenditure categories.Maintenance and operations Debt Service Total Expenditures 17.00 %increase 17.36 %increase 17.10 %increaseTotal Appraised Value and Total Taxable Value (as calculated under Section 26.04, Tax Code)*Appraised value is the amount shown on the appraisal roll and defined by Section 1.04(8), Tax Code. ** "New property" is defined by Section 26.012(17), Tax Code. *** "Taxable value" is defined by Section 1.04(10), Tax Code. Preceding Tax Year $272,826,912 $4,025,450 $101,869,046 $3,674,114 Current Tax YearTotal appraised value* of all property Total appraised value* of new property** Total taxable value*** of all property Total taxable value*** of new property** $390,297,029 $5,574,970 $120,160,779 $4,876,030*Outstanding principal. Bonded Indebtedness Total amount of outstanding and unpaid bonded indebtedness* $5,715,874Comparison of Proposed Rates with Last Year's RatesLast Year's Rate Rate to Maintain Same Level of Maintenance &Operations Revenue &Pay Debt Service Proposed Rate Maintenance&Operations $0.74920 $0.74621 $0.74690 Interest&Sinking Fund* Total $0.27585 $1.02505 $0.28411 $1.03032 $0.27585 $1.02275 Local Revenue Per Student $2,069 $2,495 $2,438 State Revenue Per Student $14,007 $13,629 $13,736 *The Interest &Sinking Fund tax revenue is used to pay for bonded indebtedness on construction, equipment, or both. The bonds, and the tax rate necessary to pay those bonds, were approved by the voters of this district.Comparison of Proposed Levy with Last Year's Levy on Average ResidenceAverage Market Value of Residences Average Taxable Value of Residences Last Year's Rate Versus Proposed Rate per $100 Value Taxes Due on Average Residence Increase (Decrease) in Taxes Last Year $144,018 $0 $1.02505 $0.00 This Year $153,868 $0 $1.02275 $0.00 $0.00 Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older or of the surviving spouse of such a person, if the surviving spouse was 55 years of age or older when the person died, may not be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value. Notice of Voter-Approval Rate: The highest tax rate the district can adopt before requiring voter approval at an election is $1.02275. This election will be automatically held if the district adopts a rate in excess of the voter-approval rate of $1.02275. Fund Balances The following estimated balances will remain at the end of the current fiscal year and are not encumbered with or by a corresponding debt obligation, less estimated funds necessary for operating the district before receipt of the first state aid payment. Maintenance and Operations Fund Balance(s) $6,859,039Interest&Sinking Fund Balance(s) $259,528 A school district may not increase the district's maintenance and operations tax rate to create a surplus in maintenance and operations tax revenue for the purpose of paying the district's debt service.Visit Texas.gov/PropertyTaxes to find a link to your local property tax database on which you can easily access information regarding your property taxes, including information about proposed tax rates and scheduled public hearings of each entity that taxes your property. . The 86th Texas Legislature modified the manner in which the voter-approval tax rate is calculated to limit the rate of growth of property taxes in the state.
Posted 94 weeks ago
