Katy ISD projecting lower property taxes in upcoming budget

Katy residents received a dose of good news from the school district regarding property taxes during a special meeting on March 24. 

It couldn’t have come at a better time.

Katy Independent School District Chief Financial Officer Christopher Smith announced the district will lower the tax rate, Community Initiatives Newspaper reported. The question that will linger into the summer is by how much?

Any help should be welcome during the current economic downturn brought about by the coronavirus pandemic.

During a report on the budget for the upcoming school year, Smith offered a projection of $0.016 lowered in the maintenance and operations tax rate. The 86th Legislature passed a school finance reform bill in 2019 which led to the reduction. In 2019, the property tax was reduced by $0.0735. The district turned in a total tax rate of $1.4431 per $100 in valuation for the school year.

There will be no change in the interest rate and sinking rate. The sinking rate pays off debt service for the bonds approved by district voters.