Tax Information
Tax Impact
Based on Taxable Assessed Values and paying off previous debt early, SSISD can issue the $157.15 million worth of bonds by increasing the tax rate by .0025 cents, or 1/4 penny, per $100 of property valuation.
|
Home Value |
2022 Annual Tax with Last Year’s Tax Rate and $40K Exemption |
2023 Annual Tax $100K Exemption |
2023 Annual Tax |
Yearly Tax Increase |
|
$150,000 |
$1,816.10 |
$495.65 |
$496.90 |
$1.25 |
|
$250,000 |
$2,446.71 |
$1,487.10 |
$1,490.85 |
$3.75 |
|
$350,000 |
$3,611.81 |
$2,478.50 |
$2,484.75 |
$6.25 |
|
$450,000 |
$4,776.91 |
$3,469.90 |
$3,478.65 |
$8.75 |
|
$550,000 |
$5,942.01 |
$4,461.30 |
$4,472.55 |
$11.25 |
How School Taxes Work
Overview
Public school taxes involve two figures, which divide the school district budget into two “buckets.”
The first bucket is the Maintenance and Operations budget (M&O), which funds daily costs and recurring or consumable expenditures such as teacher and staff salaries, supplies, food and utilities. Approximately 80% of the district’s M&O budget goes to teacher and staff salaries.
The second bucket is the Interest and Sinking Fund (I&S), also known as Debt Service, and that is used to repay debt for capital projects approved by voters through bond elections.
Proceeds from a bond issue can be used to renovate facilities, update building infrastructure, and purchase capital items such as equipment, buses, and technology. By law, I&S funds cannot be used to pay M&O expenses, which means that voter-approved bonds cannot be used to increase teacher salaries or pay rising costs for utilities and services.
There are no resources or collections to display
M&O
Funds the day-to-day maintenance and operations of the district:
- Salaries (for teachers and staff)
- Bus repairs, maintenance, fuel
- School supplies and materials
- Utilities (electricity, water, etc.)
For most residents of Sulphur Springs these costs would be similar to:
- Groceries
- Utilities
- Car fuel
- Routine bills and services
79.5% of SSISD's M&O budget provides personnel salaries and other related costs.
I&S
I&S Funds debt repayment for "big ticket" items:
- New building construction
- Existing building renovations
- Land purchases
- Program-specific equipment
For most residents of Sulphur Springs these costs would be similar to:
- New home purchases
- House renovations
- Land purchases
- New car purchase
I&S funds cannot be used for salaries, utilites, or other day-to-day expenses that fall under M&O.
State Funding and Taxes
65+ Tax Information
Tax Ceiling for Residents over 65
SSISD property taxes for citizens age 65 or older will not be affected by this – or any – school bond election as long as a homestead and over 65 exemption application have been filed with the local appraisal district.
According to state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older cannot be increased above the amount paid in the first year after the person turned 65 regardless of changes in tax rate or property value unless improvements are made to the home.