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SISD sets tax rate at $1.2221

Ashley Inge

Stephenville ISD Board of Trustees set a tax rate of $1.2221 Monday evening, with $.9392 for maintenance and operations and $.2829 for the purpose of payment of principal and interest on debts.

“Authorizing this order would allow us to prepay $840,000 and the goal in that would be to decrease future interest costs that we would be paying by half a million dollars and we would pay that towards our 2018 bond. I’m just excited about the $504,000 that we can save taxpayers long term,” said Teri Hodges, executive director of finance and operations.

The tax rate of $.9392 will raise more taxes for maintenance and operations than last year’s tax rate and will raise taxes for maintenance and operations on a $100,000 house by approximately $51.

The other component to the tax rate, $.2829, is hereby separately approved and levied for the purpose of paying principal and interest on debts of the district.

“We’ve had positive things going towards our bond these last couple of years,” Hodges said. “This year, we were able to refinance our bonds and save us quite a bit of money and the order that you just approved, we will further be saving over half a million future costs, and the rate that would make all of that possible is $.2829.”

Hodges also said that opposed to last year, taxpayers will see a 5-cent decrease in their tax rate.