TEXARKANA, Texas -- The Liberty-Eylau Independent School District Board of Trustees recently approved the adoption of a lower tax rate for the 2022-23 school year.
During a regular meeting last week, the board adopted a new total tax rate of $1.1563, down just over 9 cents from the previous rate of $1.2501, Business Manager Frank Rougeau said. The decrease includes the Maintenance & Operations rate going from $1.0501 to $0.9763, and the debt service rate falling from $0.20 to $0.18.
"It came out be an 8.11% reduction, which is pretty significant in the times that we live in," Rougeau said.
Rougeau said overall property values and the recent increase in the homestead exemption from $25,000 to $40,000 factored in the rate decrease.
"We got our estimated property values from the assessor's office, and it went up about $70 million, so that was a big driver in this being possible."
He said the district was able to reduce the debt service rate because of refunding bonds for the past two years.
According to Rougeau, the 2021 certified property values from the Bowie County Assessor's Office came in at over $616 million. For 2022, the estimated values, which could fluctuate by August, were reported at over $687 million.
"We as a district have tightened our belt as much as we think we possibly can to help in this situation, because we know everybody is struggling with all the inflation that's going on," Rougeau said.
L-EISD Board Member James Keeton said the district is looking out for the school community.
"We're not heavily tax-based, as far as industry is concerned, so what we'd rather do is lower taxes as much as possible so that we can have an impact on a community that's already needing some support," said Keeton, who's been on the board for around 26 years.
"We're doing more with less than some people are doing with a lot. We're trying to lessen the impact of things in our community like the high gas prices and increased property taxes. We just want to do our part."
Rougeau said the board will adopt a final tax rate in late August.
"If nothing changes, and the taxable value from the assessor stays the same, the rate will not change."
The increase in property values and homestead exemption has been used in different ways by surrounding districts.
Pleasant Grove ISD was able to pass a $39.9 million bond without increasing its rate of $1.3615 to improve campus facilities.
"It was a smart way that they've done it," Rougeau said.
Texarkana ISD will present its 2022-23 budget and proposed tax rate at its next board meeting Wednesday.