Forney ISD Board Proposes New Lower Tax Rate for 3rd Year in a Row; $13 million in Bond Refinance Savings
For the third year in a row, the FISD Board has proposed a lower tax rate for residents living within the Forney ISD school boundaries. The Board will vote to approve the new rate at the next meeting in September. Since 2020, the Forney ISD tax rate has decreased by a total of 17 cents.
“We’re thankful for the trust our community places in us, and our board will continue to manage our funds conservatively,” Forney ISD Superintendent Dr. Justin Terry said. “Our board has done a great job of being fiscally responsible to get the most value for our tax dollars while managing fast growth.”
The trustees will vote on the new tax rate that will include a Maintenance and Operations (M&O) rate of 87.2¢ per $100 of assessed value. The Interest and Sinking (I&S) tax rate that provides funds to pay off bonds, will remain the same at 50¢ per $100 of assessed value. The total tax rate for residents in the Forney ISD is proposed to be $1.372 per $100 of assessed value.
In addition to lowering the tax rate, the district is refinancing and paying off bonds that will result in a savings totaling $13 million.
Forney ISD is able to lower the tax rate while increasing revenue due to home appraisal values increasing. Forney ISD does not set or determine house appraisal values.