The Orangefield school district lost $28.1 million worth of property values after Tropical Storm Harvey damage. However, the district is not proposing a tax increase at this time.
The loss of taxable property means the district will need to have a tax rate of $1.53 per $100 valuation, compared to $1.28 per $100 valuation, to raise the same amount of property tax income for the next budget year. But the proposed rate is $1.28 per $100.
Public taxing entities in Orange County are facing the same loss of property values because of the storm and record flooding.
The school board will have a meeting to discuss the 2018-19 tax rate and budget at 5:30 p.m. Monday, August 27. The public meeting will be in the high school cafeteria. The proposed new rate is the same as the current rate.
The district on Tuesday released the information on the tax rate and the meeting. The information shows the average market value of a residence went from $139,028 for the current tax year to $125,067 for the upcoming tax year, a drop of nearly $14,000. If the tax rate remains the same, the average homeowner will pay nearly $143 less in school taxes for the new budget year.
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