Editor’s note: This story has been updated to clarify that two one-time bonuses were included in the proposed FY 2021-22 budget. A previous version stated there was only one.
The Magnolia ISD board of trustees proposed a property tax rate of $1.1872 per $100 valuation for fiscal year 2021-22, a $0.0872 decrease from the ongoing fiscal year, at a budget workshop Aug. 2.
Although the average taxable value in the district increased by over $15,000, Assistant Superintendent of Operations Erich Morris said the decrease in the tax rate for FY 2021-22 will result in the average homeowner paying less in property taxes.
“I think it’s important to note that after four years of the same tax rate of $1.38, we are proposing for the third year in a row to decrease the tax rate,” Morris said.
The tax rate for FY 2020-21 is $1.2744 per $100 valuation.
Written by Chandler France