Property Tax

Early budget projections show a slight increase in Goose Creek CISD property taxes and no raises for teachers.

The 2020 estimated tax rate is $1.37975, an increase of two-and-half cents over last year. The new tax rate will generate additional revenue to cover the district’s bonds to be sold in August.

Chief financial officer Margie Grimes said the M&O tax, which pays salaries and operating expenses, is estimated to drop $.01360 this year to $1.05475. The Interest and Sinking rate, a tax that repays debt, is estimated to increase from $0.28593 to $0.32500, an increase of $.03910 over last year. 

Since there is no increase in funding from the state, Grimes said there are no additional funds for salary increases.

“However, to help offset the cost of living increase, (Superintendent Randal O’Brien) might recommend a conditional one-time lump sum compensation retention payment,” Grimes said. “This might be paid in two installments of up to $1,000 to all eligible district employees hired prior to November 1.”

When House Bill 3 passed in the 86th Legislature, this increased funding a district receives to pay for providing basic instruction programming from $5,140 to $6,160. It will not increase this year.

Grimes explained how the lack of a basic allotment increase means for this year’s proposed budget. “Since there is not an increase in the basic allotment this year, there is basically no additional new funding for the 2020-2021 school year,” she said.

In addition, Grimes noted the district’s property value growth would actually have to exceed the state’s average property value growth rate of 4.01% to impact to the budget’s bottom line.  

Grimes also said the projected student enrollment growth is 1%. The enrollment growth at Goose Creek has been 2% over the past five years, going from 23,529 in 2016 to 23,747 this year. The estimate for 2020-2021 is 23,984.

The district’s next budget workshop is set for June 1. The board is expected to adopt the new budget on June 15.

Fdred

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(1) comment

jeff4832

What happened to the Governor asking property taxes to be lowered??? They are already ridiculous for what they provide. We need better schools with more efficient spending. Teachers need raises, so that ALL of our schools receive top ranked credentials.

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