Swap and Drop TRE Explained
Texas school district tax rates are broken up into two separate rates – an Interest and Sinking (I&S) rate that funds the repayment of bond debts and a Maintenance and Operations (M&O) rate that funds everything else including salaries, programs, and buildings. The M&O rate is currently capped at $1.04 per $100 property valuation but can be raised to $1.17 with the community's approval. This is done through a Tax Ratification Election.
If the community passes a Tax Ratification Election, Wichita Falls ISD could raise the M&O rate by $0.13, but would also be in a position to lower the I&S rate by $0.18 due to higher valuations and fiscally responsible refinancing over the years. This would lower the overall tax rate while providing Wichita Falls ISD with $1.4 million in additional net operating revenue.
That's more money for your school district while lowering your overall tax rate. It's a Tax Rate Swap & Drop!
Wichita Falls ISD's Board of Trustees called for a Tax Ratification Election on May 14, 2019. Election Day will be held for the Tax Ratification Election on Saturday, June 15, 2019. Early Voting will take place May 29-June 11.
For questions regarding the Tax Rate Swap & Drop, please email email@example.com.