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MISD Board Approves 5 Cent Tax Rate Reduction

Press Release|
Shane Mauldin|
Wednesday, August 24, 2016

McKinney, Texas – In April, McKinney ISD announced a larger than anticipated tax rate reduction of 4.5 cents. Now, after receiving the Collin County Appraisal District’s certified property values reports in July—which exceed the estimated values reports of this past spring—the district is announcing an additional half cent reduction in the tax rate for a total tax rate decrease of 5 cents.

The proposed tax reduction went before the MISD Board of Trustees at their work study meeting on August 16, and the board approved it with a unanimous vote at their meeting Tuesday night.

“This is another example of McKinney ISD’s commitment to prudent fiscal management,” said MISD Chief Financial Officer Jason Bird. “When economic conditions exceed our conservative estimates, we continually evaluate what is in the best interest of our taxpayers regarding lowering the I & S (Interest & Sinking) tax rate, accelerating principal payments or future additional reduction in maximum bond maturity,” said MISD Chief Financial Officer Jason Bird.

“Reducing the I & S tax rate from 50 cents to 45 cents combined with implementation of 20 year maximum term bond maturities—rather than previous 25 year maximum—will allow us to pay off over 60 percent of total debt within the next 10 years,” said Bird.

Regarding the 5 cent tax reduction, Board President Bobby Amick said, “I think that even a small reduction in the tax rate is a step in the right direction for our community. I know the Board appreciates Dr. McDaniel’s and Mr. Bird’s continuing efforts to reduce the I&S tax rate while still meeting the District’s capital needs.”

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