Bryson ISD proposes higher tax rate
BRYSON – After two years of the Bryson Independent School District absorbing a tax rate increase, homeowners here will see a slight one in their tax bills later this year.
For the last two years, the district moved money from its Maintenance and Operation (M&O) surplus, which sits at about $6 million presently, to cover a shortfall in the Interest & Sinking (I&S) fund. The I&S fund has a surplus of $293,660.
Board members voted earlier this year to refinance the 2011 and 2013 bonds to start saving on the bond balance. The savings on the bond payments will start in 2020, as the bond payment drops from $1,205,000 to $1,190,519. For the rest of the life of the bond payments, which end in 2035, annual payments will range from $1,113,800 to $1,125,450.
Certified I&S values for Bryson in Jack County is $227,828,742 with Young County coming in at $7,244,306 for a combined $235,074,048.
The district currently has a tax rate of $1.04 M&O and 34 cents for I&S making the total tax rate $1.38 per $100 valuation. The 34-cent rate does not generate enough tax dollars to pay the 2020 bond payment in full.
Under a proposal at Monday night’s meeting, which board members approved, the district plans to lower the M&O to 97 cents, per state mandate as a result of resent legislation for property tax relief. Yet, the board opted to raise the I&S to 44 cents, making the total tax rate $1.41 per $100 valuation.
The board will still be forced to transfer some funds to cover the debt service which should be in the neighborhood of around $175,000. The district makes two I&S payments a year in February and August.
Board members stated they absorbed the tax rate increase the last two years because of the downturn in the oilfield. With the oilfield coming back and an increase in valuations, it was decided to pass some of the increase to district taxpayers.