As budget talks continue for the 2020-21 school year, homeowners in Lake Travis ISD can anticipate a tax rate decrease heading into the next school year.
LTISD officials are set to discuss the proposed operating budget during a virtual board meeting July 15.
The tentative budget will include a proposed rate of $1.31363 per $100 of valuation, which, when accounting for property value inflation, is the lowest the district has presented since 1989, according to Johnny Hill, the assistant superintendent for business, financial and auxiliary services.
The rate is about $0.02 lower than LTISD’s approved 2019-20 tax rate of $1.3375 per $100 of valuation, which was $0.07 lower than the year prior.
Officials held a preliminary budget workshop June 15, during which Hill overviewed a proposed $138 million budget for the 2020-21 school year.
Despite an announcement made in February from the Travis Central Appraisal District that it will not appraise residential properties this year, LTISD’s taxable property value increased by about 5.2% for the 2020-21 school year, Hill said.
The new certified estimate of $13.8 billion is the result of new construction, according to Hill, who said this was good news for a district containing almost 80% residential property.
Source: Community ImpactPosted by Grossman & Jones Group on