Board Agenda - September 05, 2006

VIII. Resolution Authorizing Tax Rate for 2006-07

Presenter: Richard Matkin

Purpose: A - Request decision - closure required

Time: No time limit

Description:

Attached is the Order to Levy a tax rate for 2006 - 2007. The Board previously authorized the advertisement of the "Notice of Public Meeting to Discuss Budget and Proposed Tax Rate" which was published in the Plano Star Courier on June 17, 2006. The proposed tax rate is as follows:

2005-06
District Operating Rate:  $1.5000 (1)
District Debt Service Rate:  $0.2334
Total Tax Rate:  $1.7334

Proposed 2006-07
District Operating Rate $1.3300 (2)
District Debt Service Rate $0.2484
Total Tax Rate $1.5784

(1) includes $0.4710 rate to purchase attendance credits
(2) includes $0.3870 rate to purchase attendance credits

The impact on the average home value is:

2005-06
Average Home Value - $241,100
General Exemptions Available - $15,000
Average Taxable Value - $226,100
Tax Rate - $1.733400
Total School Taxes - $3,919.22

2006-07
Average Home Value - $249,500
General Exemptions Available - $ 15,000
Average Taxable Value - $234,500
Tax Rate - $1.578400
Total School Taxes - $3,701.35

Increase (Decrease) in Taxes $ (271.87)

Tax Rate Resolution is attached.

Recommendation:

The administration recommends that a maintenance and operating tax rate of $1.3300 for 2006-07 and a debt service tax rate of $0.2484 for 2006-07 for a combined total rate of $1.5784/$100 value be adopted as set forth by the Order to Levy a tax rate.

Business Impact:

This recommendation provides tax revenues for the Operating Fund and Debt Service Fund 2006-07 budgets.

Summary:

Appendix:

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