Administrators expect to recommend a 3-cent tax rate increase for the 2015-16 school year.
The Fort Worth district’s tax rate for 2014-15 is $1.322 per $100 valuation. If approved by trustees, the new rate would be $1.352, officials said.
The increase is needed to support the district’s debt fund, Chief Financial Officer Elsie Schiro said.
In November 2012, voters approved a $490 million bond package to build replacement schools, add pre-kindergarten classrooms, finish kitchen renovations and expand technology.
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Before the bond election, “we indicated to the voters that this bond issuance should not exceed a 3-cent tax increase,” Schiro said.
The tax rate has two components: an interest and sinking rate — used to retire debt — and a maintenance and operations rate — used to pay salaries and operating costs.
“With this 3-cent tax increase, our new I&S tax rate would be 0.312 per $100 valuation,” Schiro said.
The average home value in the district is $108,162, according to the most recent figures from the Tarrant Appraisal District. With a rate of $1.352 per $100 valuation, a person with that home value would pay $1,462 in taxes before exemptions — about $33 more than with the current rate.
Trustees are expected to vote on the increase this summer.
Yamil Berard, 817-390-7705