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State formula raises county’s required school funding by $692,000; reassessment estimated at $500,000
Summary
Staff told the Board the Composite Index change increases the required local effort (RLE) by $692,000; a reassessment scheduled to begin in 2027 for the 2028 tax year is estimated to cost about $500,000.
At the budget work session, staff warned that an increase in the state's Composite Index raised Grayson County's required local effort for schools by $692,000. Stephen A. Boyer told the Board the state sets the Composite Index and that this change, combined with an additional $1.1 million in school debt service noted by staff, must be included in balancing next year's budget.
Staff also reported a countywide reassessment is scheduled to begin in 2027 for the 2028 tax year, with an approximate cost of $500,000. They said reassessment firms charge per parcel and that few firms perform countywide reassessments; staff are exploring partnerships with nearby counties to keep assessment revenue local.
