Lexington Home Owners Could See Property Taxes Decrease
Lexington ISD will hold a public meeting Monday night to discuss the school district’s budget that will determine the tax rate that will be adopted by the Lexington Independent School District this year. The proposed tax rate to be considered by the board, if passed, will show an average net difference in homeowners’ property tax to be $77.92 less than last year’s average tax. The reason for this is primarily because property values lost ground over the past year and the Board will consider leaving the tax rate at $1.1190 per $100 valuation, which is the same rate the District adopted last year.
In 2009, the average market value of Lexington residences was $115,278, with an average taxable value of $95,401. This year, the average market value of Lexington residences is $108,015, with an average taxable value of $88,438. That means if the School District’s portion of your tax bill was $1,067.54 last year, it will be $989.62 this year, if LISD adopts the proposed tax rate.
In the proposed tax rate, .0790 per $100 valuation would be set aside to pay the District’s Debt Service Tax, which was approved by voters. The total amount of outstanding and unpaid bonded indebtedness of the District is $2,931,766.
During Monday night’s discussion, Board Members will consider a budget that will see decreases in its total expenditures for the current tax year of 3.14%.
The LISD Board Meeting is open to the public and will be held on Monday, August 30, at the Administration Building located at 8731 North Highway 77, beginning at 7 p.m.