For the third straight year, residents who pay property taxes to Plano Independent School District won’t see a rate increase, but their tax bills will go up.
The PISD board of trustees approved a property tax rate of $1.439 per $100 appraised valuation during the September meeting.
According to Steve Fortenberry, PISD Chief Financial Officer, the district expects to collect eight percent more this year in property taxes although a portion of the new revenue will go directly to the state for mandatory recapture payments.
Under recapture, the district will send $150.6 million, or $46 million more than the $104.6 million surrendered last year, to the state under the Robin Hood Plan. The plan mandates that a certain percentage of tax dollars is redistributed from affluent school districts to the state for distribution to low property wealthy districts.