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Cheryl Davis outlines tax-rate calculation, homestead-exemption impacts and available rate capacity
Summary
Finance staff explained how state compression and recent homestead-exemption increases affect the district's compressed tax rate, reported proposed M&O and I&S rates and noted a remaining local capacity of about 3.17¢ for a future TRE.
Cheryl Davis walked trustees through the tax-rate calculation, explaining the state—ompression process, voter-approved enrichment pennies from 2015, and the district's remaining capacity under current law. "Our maximum compressed tax rate is 62.81, or 0.6281," Davis said as she reviewed the MCR calculation and the effect of state compression.
Davis also summarized recent legislative changes to exemptions: she said the homestead exemption moved from $100,000 to $140,000 and the over-65/disabled exemption rose from $10,000 to $60,000 (subject to voter approval in November). She reported the district's proposed M&O rate of 76.64¢ (unchanged) and an I&S rate of 26.02¢, producing a total proposed tax rate around $1.02 and representing a 2.2¢ reduction from last year.
