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
The current school finance system uses a mixture of local and state sources. In GCISD, local funds come primarily from property taxes. State funds include a complex combination of general revenue, recapture and lottery proceeds. With the current system, it does not mean overall school funding increases when local property values increase and taxpayers pay more taxes. In fact, as local property values increase, the State share of funding decreases.
Additional Resources:
Analysis: Property taxes rise, state education spending falls. That's the design. (Texas Tribune)
'Skyrocketing property taxes' are a problem for many Texans, but will Gov. Abbott's plan help? (Dallas News)
So how, exactly, does Texas fund its public schools? (Houston Chronicle)
2018-2019 Dallas, Denton, Collin and Tarrant County School Districts
Total Tax Rate Comparison (click to view larger image)
2018 GCISD Tax Flyer (click to view larger images)
GCISD Tax Rate (click to view larger image)
GCISD Savings From Recent Bond Refunding and Prepayment Programs to Lower Interest Costs (click to view larger image)
GCISD Debt Service Facts: The district ended the 2017‐18 fiscal year ending June 30th with a $60.7 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 2018 bond payments. In August 2018, the district made bond payments of $35.0 million, resulting in a Debt Service fund balance in the amount of $25.7 million at the end of August 2018. The district will defease $10.5 million of the Series 2012-B bonds prior to maturity on February 1, 2019, saving taxpayers $5.2 millions in future interest costs. For more information on Debt Service Facts, click here.
GCISD Annual Report of Local Debt Information: Click here to review the document.
GCISD Debt Payment Schedule: Click here to review document.