The Galena Park ISD Board of Trustees unanimously approved both the Maintenance and Operations (M&O) and the 2007 Interest and Sinking (I&S) tax rates for 2007-2008 during a special called Board meeting on Sept. 24.
The 2007-2008 M&O tax rate was set at $1.1834, while the Interest and Sinking Tax Rate was set at $0.2475, producing a total tax rate of $1.4309 per $100 of property valuation—which is a decrease in the total rate of $0.2841 from the previous year.
The total tax rate was set at $1.715 in 2006-2007. The total proposed reduction of approximately 28 cents would save $184 per year for a homeowner whose homestead is assessed at $100,000.
The 2007-2008 tax rate includes an increase of approximately seven cents in the maintenance and operations (M&O) portion of the tax rate, which, under House Bill (HB1) requires the district to hold a tax rate rollback election.
During the special called meeting trustees unanimously approved an order calling for a tax rate rollback election to be held on Dec. 1, 2007.
The increase in the tax rate would generate more revenue which would be used to help offset the rising costs of electricity, gasoline and other utilities and would allow the district to remain competitive in the marketplace with employee salaries. Galena Park ISD also stands to gain approximately $3 million in additional state funding by approving this tax rate.