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Financial Impact of the Bond

If voters approve the proposed bond, the estimated maximum increase to the district’s Interest & Sinking tax rate is 1.9 cents, however, due to the recently approved school finance bill, the district’s Maintenance & Operations tax rate will decrease by 10.16 cents yielding an overall 8 cent tax rate decrease. For a home value of $100,000 this is an estimated cost savings of $83 annually.

 

Residents 65 or older -  if a qualified exemption has been filed and a tax ceiling has been established, the overall tax rate decrease will be 10.16 cents.

How will this tax reduction affect homeowners?

Per $100 valuation

What is an M&O tax rate versus an I&S tax rate?

 

A school district's budget is generated from three sources: federal, state, and local funding. Local funding from property taxes makes up the largest source for school districts.

A school district's total tax rate is primarily funded by local property taxes and made up of two parts: the Maintenance & Operations (M&O) rate and the Interest & Sinking (I&S) rate. Each has a designated purpose and budget. 

The M&O budget is used for the daily operations of the district:

Utilities, salaries, furniture, supplies, food, and gas

The I&S budget is used to repay debt for capital improvements through voter approved bonds. 

New construction, renovations, HVAC, and roofing replacements, land purchase, furniture, technology equipment, and infrastructure

Bond elections only affect the I&S tax rate. Proceeds from a bond CANNOT be used as part of the M&O budget, or to increase salaries.

How does Denison ISD's current tax rate compare to other school districts of similar size in North Texas? (before tax compression)

Age 65 or Older?

If you qualify your residence homestead for an age 65 or older or disabled person homestead exemption for school district taxes, the school district taxes on that homestead cannot increase as long as you own and live in that home. The tax ceiling is the amount you pay in the year that you qualified for exemption. The school district taxes on your homestead may go below but not above the ceiling amount. If you significantly improve the homestead, such as adding a garage or pool, the tax ceiling will be adjusted to a higher level to reflect the value of that addition. 

You must apply before the first anniversary of your qualification date to receive the exemption(s) in that tax year. For example, if you turn 65 or are declared disabled on June 1 of the current year, you have until May 31 of the next year to apply for the current tax 

year’s exemption. 

For more information about the 65 or older/disabled person exemption, visit the Grayson County Appraisal District website.