The Texas Education Agency recently released important school tax information related to House Bill 3 that will impact Argyle ISD families and the school district tax rate.
Based on a tax compression formula released by TEA, Argyle ISD’s Maintenance & Operations tax rate is scheduled to decrease in 2022-2023, according to a news release from the district. This tax compression information was provided to the district in February, studied by the district’s administration, and was presented to the Argyle ISD Board of Trustees during a regular meeting on Monday.
The overall tax rate will be lower next year, even if the district’s $284M bond passes in May. The M&O tax rate, with the compression by the state, is scheduled to drop from $0.915 to $0.8976. The Interest & Sinking rate will increase to $0.5 if the bond passes. Due to the M&O rate compression, the overall tax rate impact to homeowners would be a decrease of $0.0024 if the bond passes, according to the district.
This new tax impact information will be shared and explained during the upcoming Community Bond Presentations and updated on the Argyle ISD website. All Argyle ISD families and community members are welcome to attend the presentations. Click here to see the list of upcoming bond presentations.
House Bill 3 is a school finance bill passed by the 86th Texas Legislature in 2019 that reduces recapture and cuts local property taxes.
