The Ector County ISD Board of Trustees approved a total tax rate of $1.17792 per $100 valuation at its meeting Tuesday evening.
An ordinance to that effect also was adopted.
The total tax rate is the same as last year, however, the maintenance and operations rate is compressed to $1.05 per $100 valuation.
Taxes are up 7.1 percent as property values have increased.
A public hearing was opened, but no one from the public spoke.
The interest and sinking tax rate, or debt service, is increasing from 12.6 cents per $100 valuation to 19.6 cents per $100 valuation.
Chief Financial Officer Deborah Ottmers said the $1.17792 per $100 valuation is the highest rate ECISD can have without an election.
The approximate decrease in average homestead taxes is $49.
Superintendent Scott Muri said the district can now pay off its bonds faster.
In that vein, the board voted to pay off $24 million in bonds early for a savings of $7,749,187.60 in future interest costs.
An escrow agreement to hold the funds until such time the bonds are callable, supplemental agenda material said.
Ottmers said they still have $155 million in principal indebtedness.
Approval of seven Chapter 313 appraised value limitation agreements during Tuesday’s meeting will increase the district’s tax base.
The Comptroller’s website said an appraised value limitation is an agreement in which a taxpayer agrees to build or install property and create jobs in exchange for a 10-year limitation on the taxable property value for school district maintenance and operations tax (M&O) purposes.
The minimum limitation value varies by school district, the site said.
The application for a limitation on the appraised value for maintenance and operations purposes is submitted directly to the school district and requires an application fee that is established by each school district.
