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Trustees review homestead exemption and tax-rate timing as part of budget hearing
Summary
Finance staff reminded trustees the district offers a 10% optional homestead exemption; Mr. Fisher said TEA will provide the maintenance-and-operations rate after certified values are released and the board will meet in August to set Crowley ISD's tax rate.
As part of the budget presentation, finance staff reminded trustees that Crowley ISD currently offers a 10% optional homestead exemption and that the maintenance-and-operations tax rate will be set after TEA certifies property values.
"Our maintenance and operations tax rate remain constant, for 25-26 at the 0.7552 per $100 of assessed valuation... after receiving the certified values ... TEA will provide us with the maintenance and operations tax rate applicable to 26-27," Mr. Fisher said. He told trustees TEA typically certifies values in late July and the board plans to meet in August to approve the CISD tax rate.
Trustees asked if the district could adjust the homestead exemption percentage; Mr. Fisher said lower percentages are not an option under the mechanics discussed and reiterated the dollar impact of the current 10% exemption is roughly $5,000,000 per year.
