Tax Rate Information
About Public School Tax Rates
Public school taxes involve two figures, which divide the school district budget into "buckets."
The first bucket is the Maintenance & Operations (M&O) budget, which funds daily costs and recurring expenditures such as teacher and staff salaries, supplies, food and utilites.
The second budget is the Interest & Sinking (I&S) budget, also known as Debt Service, which is used to repay debt for capital improvements approved by voters through bond elections.
Proceeds from a bond issue can be used for the construction and renovation of facilities, the acquisition of land, and the purchase of capital items such as equipment, technology and transportation. By law, I&S funds cannot be used to pay M&O expenses which means that I&S funds cannot be used to pay teachers or pay for rising costs for utilities and services.
Tax Rate History
The Peaster ISD total tax rate, which is $1.44 per $100 of property valuation, did not increase as a result of the 2018 bond election.
Tax Rate Impact
If the 2019 bond is approved by voters in May, the maximum tax rate impact of this bond is anticipated to be 5 cents, for a total tax rate of $1.49 per $100 of property valuation.
For the average Peaster home value of $164,455, this represents a monthly tax increase of $5.81.
To calculate the monthly impact for your family:
1. Type your home's appraised value below (with no commas)
2. Hit ENTER.
Homeowners Over 65
Peaster ISD property taxes for citizens aged 65 or older cannot be affected by school district bond elections as long as a homestead and over 65 exemption are on file with the local appraisal district.
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 improvements are made to the home or property.