Waco Independent School District taxpayers will see the tax rate cut this year, but will be able to pay more tax due to the increase in property value.
Waco ISD trustees Thursday approved a tax rate of $ 1.245 per $ 100, roughly a two-cent reduction from last year’s tax rate of $ 1.264 per $ 100.
However, the average taxable home value in Waco ISD has increased from $ 117,402 to $ 130,561, or 11.2%. That means the average homeowner will see a tax hike of $ 141.05 in the coming year.
A tax rate of more than $ 1.28 per $ 100, the “voter approval rate”, would have required approval from Waco ISD voters to take effect.
McLennan County’s Appraisal District figures show an estimated total property value of $ 10.56 billion for Waco ISD, up from $ 10.1 billion last year. Taxable wealth rose from $ 6.4 billion to $ 6.7 billion.
The tax rate will fund an overall fund budget of $ 165 million for the 2021-22 school year, which the trustees also unanimously approved Thursday. The budget includes a 3% increase in employee salaries, an increase in a teacher’s starting salary from $ 49,100 to $ 50,250, and an increase in employee health insurance contributions by approximately 5%, said Sheryl Davis, assistant director of finance and finance Operation.
Local and mid-sized funding will cover 48% of this year’s budget, with 45% state funding and 7% federal funding, Davis said.