Tax Impact Less Than Expected for 1999-2000

Last year, it was anticipated that the initial sale of $90 million in bonds would result in a 7- to 9-cent increase in the district*s tax rate for 1999-2000. However, the overall rate will only increase by 3 cents this year and includes a 1.35 cent reduction in the debt service portion of the tax rate.

For the average home, valued at $58,476, a taxpayer taking a $15,000 homestead exemption will pay $13 more this year. The taxes on a $115,000 home with the homestead exemption will be $30 more.

Three important factors have contributed to this modest increase:

• growth in the district*s tax base is higher than projected
• interest rates on the May 1999 bond sale were lower than expected, 4.74% instead of 5.25%
• while FWISD did not receive state money for new construction as had been hoped, the state legislature's passage of Senate Bill 4 means the district will receive $8.3 million in 1999-2000 from the state to help pay off older bonds.

Fort Worth ISD*s tax rate ranks 13th out of 16 in Tarrant County. And because the state has guaranteed payment on bonds through the Permanent School Fund guarantee program, FWISD has received an AAA rating from Moody's.