Flour Bluff ISD proposes “no tax rate increase” for upcoming year; the District to take advantage of additional state funding opportunity
Flour Bluff ISD is proposing a “no tax rate increase” for the upcoming tax year. Our taxpayers will continue to enjoy one of the lowest school district tax rates in the area.
For the upcoming tax year, the District will take advantage of an increased funding opportunity from the state. Because the District is located in a declared disaster area resulting from Hurricane Harvey, Flour Bluff ISD is eligible to take part in a one-time, two (2) penny “swap” from the District’s Interest and Sinking (I&S) tax rate to the District’s Maintenance and Operations (M&O) tax rate for the 2018-2019 school year. This “swap” is allowable under the Texas property tax code for the year following a declared disaster area. The swap allows the district to receive additional funds from the state of Texas. This two-penny “swap” is often referred to as a “swap and drop” where the district drops one rate and raises the other, resulting in an unchanged tax rate for local property owners. The District anticipates the “swap” will provide a one-time increase in revenue of approximately $475,000 from state monies for the District’s general fund.
“This is truly a win-win for the district and the taxpayers,” said Brian Schuss, Flour Bluff ISD Superintendent of Schools. “This additional funding from the state will help to offset increased costs the district has incurred resulting from Hurricane Harvey. In addition, we’ll continue to provide one of the lowest school district tax rates in the area, while ensuring our students have access to top-rated academic and extracurricular programs, updated facilities, a safe and secure school environment and highly qualified teachers.”
If approved by the Flour Bluff ISD Board of Trustees, the District’s tax rate would remain $1.1450 per $100 property valuation. Once approved, taxpayers will not see an increase in the total tax rate and this will generate additional state funding for Flour Bluff ISD.