Taxpayers would not see an increase to the tax rate from the bond 2021, based on District projections, if voters approve the two bond propositions on the Nov. 2, 2021 ballot.
Together, the proposals total $187.5 million. No increase in the total tax rate is anticipated to pay off bonds associated with these propositions.
A few combined factors have placed CISD in a position to issue the bonds without having to raise the District’s total tax rate:
- There has been significant building development within the District’s boundaries that increases CISD’s total taxable property value and generates more money to CISD without having to raise the tax rate. This trend of building projects is expected to continue.
- Interest rates at all-time lows. With interest rates at an all-time low, CISD will pay less interest on the bonds. The District anticipates generating enough revenue at the current tax rate, and with the increased property values coming from downtown development, to pay off the lower-interest debt.
- Decline in existing debt service. CISD’s annual debt payments are scheduled to decline over time as the District pays down debt. This means money will be freed up to pay for debt issued under Bond 2021.
Homestead Exemption for 65 years and older
For residents 65 years and older, their SAISD tax bill will not increase even if their property value increases (excluding property improvements) as long as an approved Homestead and Over-65 exemption application is on file with the Central County Appraisal District, and homestead property has been owned as of Jan. 1, of the tax year.