Property Values and GCISD: Property tax appraisals are up and you're probably wondering where the additional money goes. When it comes to your school taxes, you might be surprised to learn that the majority of that extra money does not stay in GCISD.
ANALYSIS: WHY RISING PROPERTY VALUES DON'T LOWER SCHOOL TAXES
Rising property values in Texas should have lowered school property tax rates. But they didn't, and you can thank the folks who write the state budget for that. When your property values rise, your school property tax rates are supposed to fall, right? That might be how you want it to work, but it’s not the way school finance actually works in Texas. For more information on why rising property values don't lower school taxes, click here.
2017-2018 DALLAS, DENTON, COLLIN AND TARRANT COUNTY SCHOOL DISTRICTS
TOTAL TAX RATE COMPARISON
2017-2018 GCISD TAX FLYERS
GCISD SAVINGS FROM RECENT BOND REFUNDING AND PREPAYMENT PROGRAMS TO LOWER INTEREST COSTS. To view the savings document, click here.
GCISD DEBT SERVICE FACTS: The district ended the 2016‐17 fiscal year ending June 30th with a $62.9 million fund balance in the Debt Service fund. Pursuant to State law, all funds in the Debt Service fund must be used exclusively for the repayment of the District’s existing bonds. While this appears to be a large balance, such funds were held for the district’s August 2017 bond payments. In August 2017, the district made bond payments of $46.3 million, which included a prepayment of $10 million in bonds, resulting in a Debt Service fund balance in the amount of $16.6 million at the end of August 2017. For more information on Debt Service Facts, click here.
GCISD ANNUAL REPORT OF LOCAL DEBT INFORMATION AS OF JUNE 30, 2017: Click here to review document on Outstanding Unlimited Tax Debt Service.
GCISD DEBT PAYMENT SCHEDULE: Click here to review document on Unlimited Tax School Building Bonds.