The Chapel Hill ISD Board of Trustees approved the proposed tax rate for the 2023-2024 fiscal year during their meeting on Monday, August 21, following a public hearing. The approved total tax rate per $100 in valuation is $1.1051, which is made up of two components.
The Maintenance and Operations (M&O) tax rate has decreased by 26.39 cents since 2021-2022. The approved M&O tax rate, which was $0.9890 two years ago, was lowered to $0.9105 for 2022-23 and to $0.7251 for 2023-2024. This tax rate will support the $37.5 million General Fund budget adopted in June of 2023 which will cover the district’s daily expenses including payroll, utilities, and other operating costs.
The Interest and Sinking (I&S) tax rate was increased $0.27 from $0.11 to $0.38 after the passage of the 2023 bond. The rate will support the Debt Service Fund budget also adopted in June of 2023 and includes the debt associated with the 2023 Bond and the refinancing bonds of 2014 and 2015.
The total taxable value of all properties rose by $247,362,639 compared to the previous year, increasing from $1,397,363,213 to $1,644,725,852, as indicated by data from the Smith County Appraisal District.
For more information, contact Communications Director Belen Casillas at (903)566-2441 or via email at email@example.com.