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Louise ISD voters approve 'tax swap' by wide margin
By BRENDA SOMMER
bsommer@leader-news.com
Louise ISD will have $350,000 in additional state funding now that voters in that district passed a “tax swap” election that helps equalize state per-student funding.
The LISD tax rate election passed Tuesday night with 165 voting in favor versus 77 voting against.
“I want to thank the community for really paying attention to this issue,” said Louise ISD Superintendent Andy Peters. “TREs are complicated and confusing. A number of our community sat down with me and learned how this could benefit our students. I thank them for talking to their friends and neighbors.”
The tax swap allows the district to gain the additional state funding without raising the existing tax rate, and involves the two tax rates a district sets each year. One, the M&O, is capped by the state at $1.04 per $100 in valuation, and is used to run the district. The other, the I&S, is 16 cents per $100, a figure set by the district and used to pay debt. The two total $1.20 per $100 in taxable property.
But the M&O rate has been frozen since the 2005-2006 school year, causing hardships as costs continue to rise.
The election adds to the first rate and freezes the second, then immediately lowers the second rate so the amount still totals $1.20 per $100 in taxable property.
“Our tax rate remains the same: it rises to $1.17 for the M&O but the I&S will go down from .16 to .03, for a total rate of $1.20,” Peters said. “I know values continue to climb, so the tax bill may not be less, but the rate is same. That’s a good thing.
“We are bringing some of our state taxes back to our community. Some $350,000 will come to Louise ISD and that will benefit all the kids of Louise-Hillje.”
To read more of this story, pick up a copy of Saturday’s Leader-News.
The LISD tax rate election passed Tuesday night with 165 voting in favor versus 77 voting against.
“I want to thank the community for really paying attention to this issue,” said Louise ISD Superintendent Andy Peters. “TREs are complicated and confusing. A number of our community sat down with me and learned how this could benefit our students. I thank them for talking to their friends and neighbors.”
The tax swap allows the district to gain the additional state funding without raising the existing tax rate, and involves the two tax rates a district sets each year. One, the M&O, is capped by the state at $1.04 per $100 in valuation, and is used to run the district. The other, the I&S, is 16 cents per $100, a figure set by the district and used to pay debt. The two total $1.20 per $100 in taxable property.
The election adds to the first rate and freezes the second, then immediately lowers the second rate so the amount still totals $1.20 per $100 in taxable property.
“Our tax rate remains the same: it rises to $1.17 for the M&O but the I&S will go down from .16 to .03, for a total rate of $1.20,” Peters said. “I know values continue to climb, so the tax bill may not be less, but the rate is same. That’s a good thing.
“We are bringing some of our state taxes back to our community. Some $350,000 will come to Louise ISD and that will benefit all the kids of Louise-Hillje.”
To read more of this story, pick up a copy of Saturday’s Leader-News.
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