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Whitney ISD

Monthly Tax Impact

TAX INFORMATION

Your public school taxes involve two figures: Maintenance and Operations (M&O), used to pay for salaries, utilities, furniture, supplies, food, gas, etc.; and Interest and Sinking (I&S), used to repay debt. Bond elections affect the Interest and Sinking tax rate.

 

Proceeds from a bond issue can be used for the construction and renovation of facilities, the acquisition of land and the purchase of capital items such as equipment. Proceeds CANNOT be used as part of the general operating budget, or to give salary raises.

 

If voters approve the bond election, the estimated tax impact of this bond is anticipated to be .1098 cents, which equates to an approximate $7.77 increase per month for an average taxable home value of $85,000 (market value of $100,000).

 

IMPACT ON SENIOR CITIZENS’ PROPERTY TAXES

Whitney ISD property taxes for citizens age 65 or older or disabled would not be affected by the bond as long as a homestead and Over 65 exemption application has been filed.

 

Under state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older who has filed an exemption application 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. The dollar amount imposed by the school that first year can only be increased if there are new improvements to the homestead, such as additions or renovations.

Contact your local appraisal district with questions regarding the Over 65 exemption.

 

Tax rates are calculated on the home value less $15,000 homestead exemption

WHITNEY INDEPENDENT SCHOOL DISTRICT ©2015