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Magnolia ISD trustees set 2024 property tax rate at $0.9895 per $100 valuation
Summary
The Magnolia ISD board approved a maintenance & operations rate of $0.6969 and a debt service rate of $0.2926 (combined $0.9895), the minutes note the adopted rate represents a 12.43% increase.
The Magnolia ISD Board of Trustees voted Aug. 26 to adopt the district—s 2024 property tax rates.
Trustees adopted a maintenance and operations (M&O) rate of $0.6969 per $100 of taxable value and an interest and sinking (I&S) debt service rate of $0.2926 per $100. The combined rate is $0.9895 per $100 valuation; the minutes record that this represents a 12.43% increase.
The tax rate motions (No. 6044 for M&O and No. 6045 for debt service) passed unanimously among trustees present. The board opened a public hearing on the budget and proposed tax rate; no members of the public spoke.
Why it matters: the adopted tax rate establishes the district—s property tax levy for the 2024 tax year and funds the district—s operations and debt service. The budget the board adopted at the same meeting provides the spending plan tied to that levy.
Board action: the adopted rates are effective for the stated tax year and will be applied during the district—s tax calculations and billing.
