Cuero ISD voters OK tax rate
Voters in the Cuero school district have approved a new tax rate - one that will save them money on their tax bill and generate more revenue for the school district.
In a light turnout Tuesday, the approved tax rate of $1.07 per $100 valuation passed 135-19.
Less than 3 percent of the registered voters in the school district cast votes in the tax rollback election, according to the DeWitt County Elections Administration Office.
The rate is lower than last year's tax rate of $1.28736.
"I appreciate the turnout of Cuero school district voters who participated in the voting process," said superintendent Jim Haley.
"The passage of the $1.07 tax rate will allow Cuero ISD to maximize state funding, which will help cover our $2 million deficit budget this school year.
"It will also make discussions and potential decisions easier regarding some capital projects going forward," he said.
The rollback election was necessary because the $1.07003 rate exceeded the effective rate by more than 8 percent.
The effective rate would have generated the same amount of revenue as the previous year's rate.
The $1.07 rate includes a rate of $1.04 per $100 in valuation for maintenance and operation of the district. It also includes a debt tax rate of 3.003 cents to retire bonds.
Because of an increase in property values, with the new rate, a home valued at $100,000 will see its school taxes decrease by $92 with the new tax rate, said the superintendent.