Published: August 27, 2008 11:35 am      

Tax talk time

SMCISD: Rate likely to hold, but value hike will increase bills

San Marcos — Pending a Thursday vote, the new tax rate for the San Marcos Consolidated Independent School District is expected to remain the same, $1.37 per $100.

Increased property values in the district, however, will mean many tax bills will still be higher.

The average taxable value of residences within the SMCISD rose from $93,202 to $110, 848, increasing the average tax bill from $1,276.87 last year to $1,518.62 this year. That’s a $241.75 increase for the average property owner.

Of the $1.37, $1.04 will be for maintenance and operations and 33 cents will be for paying debt and interest.

The total budget up for adoption is $69,399,655, which includes SMCISD’s general fund, child and nutrition funding and debt service, said Mike Abild, assistant superintendent. A reserve fund of $20,480,300 for maintenance and operations and $2,250,522 for interest and sinking fund balance will be available at the end of the 2007-2008 budget.

The total principal amount of unpaid bond debt is $130,619,959.

Last November voters rejected a 33 cent additional rate increase, which would have funded a five percent pay increase for teachers. A three percent teacher raise for 2008-2009 will also be considered during Thursday night’s school board meeting, along with the tax rate and annual budget.

The meeting will be at 6:15 p.m. at the SMCISD central offices, 501 S. LBJ Dr.