MIDLAND Midland ISD has been in the process of evaluating tax rate scenarios as a result of recent legislation that required additional Maintenance and Operations (M&O) tax rate compression. This has led to a revision from the previously proposed tax rate.
The School Board will hold a public hearing on this topic during their regular meeting at 5:30 p.m. Sept. 19 at Bowie Fine Arts Academy, 805 Elk Ave. Those wishing to speak must sign up prior to the start of the meeting.
The revised public notice includes an overall tax rate of $0.8795, which accounts for $0.6595 for M&O and $0.2200 for I&S (interest and sinking). The revised rate is an overall reduction of 3.53 cents compared to the 2022-2023 tax rate, a news release said.
I&S tax dollars are not subject to recapture and taking advantage of the tax rate compression will keep taxpayers dollars locally, benefiting students, staff and the community. This new, lower tax rate will address current debt, leading to an estimated $33 million in savings for taxpayers while reducing the overall tax rate by 3.53 cents from the prior year, the release said.
