On Sept. 15, RISD trustees adopted the 2022-23 operating tax rate of $0.9646, which is 7.3% lower than last year’s operating tax rate of $1.0409 per $100 of taxable assessed value.
RISD Chief Financial Officier David Pate said property values in RISD were initially projected to grow 8%, while the actual certified values ended up with an 11.6% increase. The state of Texas sets the operating tax rate annually for school districts based on a school finance formula that includes the number of students attending school each day and assessments of property values within a school district. Typically, if property values increase, the tax rate will decrease, with the opposite occurring if property values decreased.
The proposed tax rate for maintenance and operations in 2022 is $0.9646, which is down more than seven cents from the M&O rate of $1.0409 that was adopted for 2021. The portion of RISD’s tax rate used to pay principal and interest on bonds approved by voters, known as the debt service tax rate, remains unchanged at $0.35.
In Richardson ISD, about 29% of residential taxpayers are 65 or older and have a frozen tax levy, which means the amount of taxes they pay cannot increase, regardless of property valuation or tax rate. The actual amount of taxes that a property owner pays is the combination of the tax rate and their taxable property value, as determined by the as determined by the Dallas Central Appraisal District.
Please click here for more information from the state about property taxes in Texas.
