KATY, TX (Covering Katy News) – The Katy ISD school board voted to reduce its property tax rate by 18.5 cents per $100 dollar valuation. On the average home, the district says there will be a $560 tax savings. The average taxable value for a home in Katy ISD is about $328,000.
“Trustees and I are pleased to approve a 2023-2024 tax rate that will represent an 18.5 cent decrease, bringing our community’s overall rate down from $1.30 to $1.12,” said Victor Perez, Katy ISD Board President. “This is possible because of the state’s compression of the rate and the passage of the recent property tax relief bill."
Due to yearly increases in property valuations, Katy ISD has been able to reduce its tax rate five years in a row. The Board approved tax rate will take effect immediately and will be seen on tax statements later this fall.
Perez noted that residents will also be able to approve additional tax relief when they go to the polls in November.
"The expected increase in the state’s homestead exemption should further decrease tax bills this school year," Perez said. "The increase in the homestead exemption from $40,000 to $100,000, as approved by the state legislature, will be on the November 7th ballot."
At the September Board of Trustees Work Study meeting, Katy ISD’s Chief Financial Officer, Christopher Smith, explained that the state’s allocation of money towards tax compression and property tax relief is designed to ease the burden of rising appraisal values set by counties.
Katy ISD