The Killeen Independent School District expects to take in about $3.5 million more in property taxes this year than the previous year, according to district officials.
The district’s board of trustees voted 7-0 to approve the Killeen ISD tax roll for 2013. According to documentation from the district business office, this year’s expected total tax levy is just more than $75.3 million, compared with 2012’s total tax levy of $71.7 million.
The 2013 amount represents what the district, which serves more than 41,000 students, would collect if 100 percent of levied property taxes were collected, and it did not offer a discount for early payment, according to the report.
The expected increase in the amount of taxes the district expects to collect comes despite the district actually lowering its property tax rate for fiscal year 2013-2014. In August, the board voted to set a property tax rate of $1.128 per $100 of assessed valuation. The total rate the previous year was $1.131 per $100 of assessed valuation.
The district’s Chief Financial Officer, Megan Bradley, said the increase was in part caused by rising property values.
“The increase is due to increased values,” Bradley said, “which comes from both appreciation of existing property and new construction becoming taxable.”
Bradley said the value of all property within the district increased by about $327 million, which resulted in a $3.5 million levy increase, assuming the district’s collection rate stays roughly the same as it was in the past.
According to a summary provided to the trustees, this year’s levy is based on net-taxable worth of more than $6.7 billion, compared with $6.4 billion last year.
The district’s FY 2014 budget, passed by board members in August, included general fund revenue of more than $329 million, an increase of roughly $8.7 million from the previous year.
Contact Chris McGuinness at firstname.lastname@example.org or (254) 501-7568. Follow him on Twitter at ChrismKDH.