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Magnolia ISD board approves proposed $0.9895 tax rate, orders Nov. 5 voter-approval election
Summary
The Magnolia ISD Board approved a proposed total tax rate of $0.9895 per $100 of taxable value and ordered a voter-approval tax-rate election for Nov. 5, 2024; the measure would raise maintenance-and-operations revenue by 5%, an estimated $3,700,978.
The Magnolia Independent School District Board of Trustees on Aug. 12 approved a proposed total tax rate of $0.9895 per $100 of taxable value and ordered a Voter-Approval Tax Rate Election for Nov. 5, 2024. The approved split is a maintenance-and-operations rate of $0.6969 and a debt rate of $0.2926 per $100 of taxable value.
The motion to approve the proposed rate was made by Trustee Stacia Norris and seconded by Trustee Jordan Blake; the motion carried unanimously. The district's official election order states the proposed rate would result in a 5% increase in M&O tax revenue for the district compared with the prior year—an additional $3,700,978—and directs administration to take steps necessary to hold the election. The order cites Texas Tax Code sections 26.05 and 26.08 in calling the election.
