Lovejoy ISD Tax Rate to Decline in 2006

 

 

The Lovejoy ISD board adopted a budget of $21,242,909 that includes $4,069,838 for tuition and recapture. The 2006-07 tax rate was set at $1.6934 per $100 of taxable value. Last year, the combined rate was $1.8234 per $100 of taxable value.  This equates to a drop of nearly $0.13 per $100 or approximately 7%.

 

The relief to homeowners was in large part due to the recently passed House Bill 1 which provided for compression of the M&O tax rate. Property owners are slated to get another dose of tax relief in 2007 as the second phase of House Bill 1 is implemented. In comparing the Lovejoy ISD tax rate of $1.6934 to our neighboring districts, Allen ISD approved a total tax rate of $1.7794 and McKinney ISD approved a total tax rate of $1.841. All three districts set their M&O rate at $1.37 with the LISD I&S rate at 0.3234, the AISD I&S rate at 0.4094, and the MISD I&S rate at 0.471. All three districts meet the criteria as fast-growth districts which necessitate the construction of new facilities as evidenced by the robust I&S (Interest and Sinking) tax rate.