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.