Questions about Taxes
what is nisd’s current tax rate?
NISD’s current Maintenance & Operations (M&O) Tax Rate is $0.8546 and its Interest & Sinking (I&S) Tax Rate is $0.40 for a total tax rate of $1.2746, the lowest it has been since 1993. Visit the Tax Info page to learn more about school taxes.
HOW WILL THE 2023 BOND PACKAGE AFFECT MY TAXES?
If all three propositions are approved, the NISD tax rate is expected to increase 1/10th of a penny. This would take the I&S portion of the tax rate from $0.420 to $0.421 (per $100 of home value). For a property valued at $500,000, the 1/10th of a penny increase would be less than $5 per year. Use the Tax Impact Calculator to see the impact for your home.
HOW CAN NISD AFFORD TO ISSUE BONDS WITHOUT only a 1/10th of a penny INCREASE TO THE TAX RATE?
NISD will be able to issue bonds with only a tenth of a penny change because of increased revenue from growth in the area, rising Taxable Assessed Values (set by county appraisal districts), and because the Board of Trustees has paid down existing debt.
Why am I paying more in taxes if the tax rate has decreased?
The amount of taxes paid by each taxpayer is calculated by multiplying the district tax rate by each $100 of taxable value of the property. Therefore, if the assessed taxable value on your home goes up, the amount you pay will go up even if the tax rate remains unchanged. The assessed value is set by your county appraisal office, not the school district.
WHAT IF I’M OVER 65 AND RECEIVE THE “SENIOR CITIZEN EXEMPTION” AND MY HOME VALUE GOES UP? WILL MY SCHOOL TAXES INCREASE?
No. According to state law, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older cannot be increased above the amount paid in the first year after the person turned 65 – regardless of changes in tax rate or property value – unless significant improvements are made to the home. Normal repairs, maintenance and the economic impact of the market cannot increase the amount of taxes you will pay once a tax ceiling is in place on that homestead.