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The Dallas ISD is considering several bond options, but none of them, they claim, will lead to an increase in the tax rate.
Austin, TX, January 17, 2020 – Less than a year after the 86th Legislature passed $ 11.6 billion in property taxes ($ 5.1 billion) and school funding ($ 6.5 billion), the Dallas ISD is considering a bond issue between $ 2.7 billion and $ 3.7 billion.
Dallas County Property Appraiser
Last year, Cy-Fair ISD issued a $ 1.7 billion petition to voters – which was approved with 70 percent support. In 2012, Houston approved ISD bonds worth $ 1.87 billion.
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According to the latest data from the Texas Bond Review Board, from 2018, the Dallas ISD has $ 4 billion in outstanding debt – 36 percent of which is interest. This amount is $ 2,504.56 outstanding debt per capita in Dallas.
The Dallas ISD Budget 2019-2020 sets a total property tax rate of $ 1.310385 to $ 100 of tax value. This percentage has been reduced from the previous year to $ 1.4120134 due to the review of HB 3.
The taxable value for the year 2019, on which the budget revenues are based, is in excess of 128.3 billion dollars. This means that the Dallas ISD is expected to file $ 1.7 billion in property taxes for the neighborhood this year, a 7 percent increase from last year’s net income according to the school district.
According to the Dallas Morning News, the bond is intended to fund the renovation of buildings; construction of three new campuses; technical operations; five indoor sports facilities; security improvements; performing arts center; and other construction.
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To ease the tax burden on property owners during the life of the bond, should it expire, the Dallas ISD option of $ 3.7 billion would be issued over a 30-year time frame instead of a typical 20-year one. Its other options include 20- and 25-year bonds based on the total cost of the planned program.
The cost of the final plan can vary between the $ 2.7 and $ 3.7 plans, with Dallas ISD CEO Michael Hinojosa choosing the latter.
The Dallas ISD says that based on their calculations – which are largely important due to the bond’s planned 10-year additional period – the tax rate does not need to increase. On the other hand, the assessment of taxable property prices rose by 7.6 per cent.
One thing voters and property owners should keep in mind when considering property taxes is that due to an increase in valuation, the possibility of an increase without a tax rate does not necessarily mean that their individuals’ bills will be reduced – in fact due to withdrawals, bills. rises more often than not as property valuations rarely fall from year to year.
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Regardless of the final plan for the Dallas ISD, it is expected to be formally voted on at a special board meeting on August 13 and will probably be put to the vote on the ballot in November.
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Brad Johnson is a native of Ohio who graduated from the University of Cincinnati in 2017. He is an avid sports fan who enjoys watching his favorite teams continue their title drought all their conscious lives. In his spare time, you can find Brad quoting Monty Python production and trying to figure out which flight speed is not unloaded.
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Dallas Isd Considering $3.7 Billion Property Tax Bond, Largest In Texas History
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