WFISD Tax Rate Swap & Drop 2019
Texas school districts tax rates are broken up into two separate rates – an Interest and Sinking (I&S) rate that funds the payment of debt from bonds and Maintenance and Operations (M&O) rate that funds everything else including salaries, buildings and programs. 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 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 by 5 cents, 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!