The Dripping Springs ISD Board of Trustees adopted the 2024 tax rate at the Sept. 23 meeting by a vote of 7-0. The newly adopted rate of $1.1052 per $100 of certified property value is a reduction from the $1.1075 rate in 2023.
The total tax rate of $1.1052 consists of two parts: $0.7552 for Maintenance and Operations and $0.35 for Interest and Sinking. The Maintenance and Operations (M&O) portion covers district operating costs, such as salaries and benefits, utility bills, and supplies, and is subject to recapture. The Interest and Sinking (I&S) rate generates revenue that can only be used to pay off voter-approved debt.
Property tax bills are a product of the tax rate and the property value. Therefore, a property owners’ tax bill could increase even though the tax rate has decreased.
In June, the DSISD Board of Trustees unanimously approved a $100.4 General Fund budget, less recapture, including 84 percent for payroll for more than 1,100 district employees. The remaining 16 percent of the budget will be used towards classroom supplies, utilities, professional development, transportation, safety and travel.