Facing a $22 million deficit for the upcoming school year, the Lewisville Independent School District Board of Trustees voted Monday to raise their tax rate by two cents per $100 of valuation.
Board members established a Maintenance & Operations (M&O) tax rate of $1.06 and an Interest & Sinking (I&S) tax rate of $0.386.
The new M&O rate will generate an estimated $7 million in additional revenue, partly due to money that the district will receive from the state.
The I&S rate was already approved by voters during the 2008 Bond election. Both tax rates are separate and funds from each tax rate cannot be mingled, according to district officials.
Based upon the newly proposed tax rate, the taxes on a $242,123 home – which is the average cost of a home in LISD – will go up approximately $45.27 per year.
Since the proposed rate exceeds the “rollback rate” of $1.04 – the rate that would bring in the same amount of dollars from the previous year – residents will be given the opportunity to vote for or against the proposed M&O tax rate through a tax ratification election on Tuesday, Sept. 14.