BONDS WILL BE FUNDED WITH NO TAX RATE INCREASE

Taxes & Finance

Over 65 Homestead Exemption

The dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older cannot be increased above the amount paid in the first year after the person turned 65 – regardless of changes in tax rate or property value – unless significant improvements are made to the home. 

Normal repairs, maintenance and the economic impact of the market cannot increase the amount of taxes you will pay once a tax ceiling is in place on that homestead.

Tax Rate History

The Mansfield ISD tax rate is the lowest it’s been since 1992.

The total tax rate has decreased by 31¢ in the last four years.

2023-2024 Total Tax Rate: $1.1492

Understanding the Tax Rate

General Operating Fund
(Maintenance & Operations)

Impacted by State

Maintenance & Operations Tax Rate
Funds Day-to-Day Operations and Expenses

For School Districts,
this Includes:

  • Staff Salaries

  • Utilities

  • Supplies

  • Repairs

  • Fuel

For the Average Citizen,
this is Similar to:

  • Groceries

  • Utilities

  • Car Fuel

  • Minor Home Repairs

  • Routine Services

Debt Services Fund
(Interest & Sinking)

Impacted by MISD

Interest & Sinking Tax Rate
Pays Principal and Interest on Debt Issued

For School Districts,
this Includes:

  • New Construction

  • Renovations

  • Heating and AC Systems

  • Roofing

  • Technology

For the Average Citizen,
this is Similar to:

  • Mortgage

  • Home Renovation

  • Major Appliances

  • New Car

Public school taxes involve two figures, which divide the school district budget into two “buckets.” The first bucket is the Maintenance and Operations budget (M&O), which funds daily costs and recurring or consumable expenditures such as teacher and staff salaries, supplies, food and utilities. Most of the district’s M&O budget goes to teacher and staff salaries. The second bucket is the Interest and Sinking Fund (I&S), also known as Debt Service, and that is used to repay debt for capital improvements approved by voters through bond elections. 

Proceeds from a bond issue can be used for the construction and renovation of facilities, the acquisition of land and the purchase of capital items such as equipment, technology and transportation. By law, I&S funds cannot be used to pay M&O expenses, which means that voter-approved bonds cannot be used to increase teacher salaries or pay rising costs for utilities and services.