Farmersville ISD will hold a public meeting at 6 p.m. Aug. 23 to hear public comments on the 2021-22 proposed budget and tax rate for the 2021-22 fiscal year.
The proposed tax rate comprised of a Maintenance and Operations (“M&O”) component and an Interest & Sinking Fund (“I&S”) component would total $1.353300 per $100 valuation.
The combined 2020-21 rate is $1.143000.
The M&O portion is proposed to be $0.960300 versus a rate of $1.001900 for the 2020-21 fiscal year. The I&S rate is proposed to be $0.393000 versus $0.141100 for 2020-21 FY.
The I&S portion produces tax revenue that is used to pay for bonded indebtedness on construction and/or equipment.
The majority of the proposed increase is attributable to the passage of the May 2021 bond election.
For the average home in FISD with a taxable value of $214,981 the proposed rate would generate annual property taxes of $2,909.34.
Last year’s average tax levy on a home in FISD was $2,231.27 based on an average taxable valuation of $195,212.
At the meeting, the district will discuss the proposed budget and can adopt the proposed tax rate as well.
The complete Public Notice for the meeting is on page 5A of this edition of The Farmersville Times.
The meeting will be held at Farmersville High School, 409 Hwy 78N, Farmersville. The public is invited to participate.
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From Staff Reports • [email protected]