TAX INFORMATION
vvisd bond tax rate
The maximum estimated tax impact would be an additional 28.35 cents to the current Valley View ISD tax rate.
Not sure if your homestead exemption is active or looking to apply? Have other questions? Please contact the Cooke County Appraisal District.
Use this tax calculator to see the tax impact based on your property value and a $100,000 homestead exemption.
DID YOU KNOW?
NEW TAX RELIEF LEGISLATION MAY BECOME TEXAS LAW SOON.
The Texas Legislature recently passed an increase to the homestead exemption. Voters will have the opportunity to vote for or against an amendment to the Texas Constitution that will allow homeowners to deduct an additional $40,000 from their homestead value. If approved, it will lessen the tax impact of the VVISD bond on homeowners.
Use this tax calculator to see the tax impact based on your property value and the additional $40,000 homestead exemption (if approved by voters on November 4).
NO TAX INCREASE:
HOMEOWNERS AGED 65 AND OLDER OR DISABLED
Under state law, as long as a homestead and over 65 exemption application have been filed with the local appraisal district, the dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older cannot be increased above the amount paid in the first year after the person turned 65 – regardless of changes in tax rate or property value – unless significant improvements are made to the home, increasing the overall value.
FAQ
-
Taxpayers who are 65 and older or disabled qualify for a tax exemption. Once a property owner receives an Over 65/Senior Citizen or Disability Homestead Exemption, there is a tax ceiling on their total local school district taxes.
-
The tax ceiling is the amount you paid the year that you qualified for the Over 65 or Disability Homestead Exemption. This benefit is referred to as a tax ceiling because taxes can go lower, but not higher, than the ceiling.
-
No, the appraised value can change, and the tax rate will change, but the school district taxes on your homestead cannot increase. Therefore, if this bond election is successful, it will not have an impact on the tax bill for homesteads that are receiving the Over 65 or Disability Exemption, unless you make significant improvements to your home.
-
A significant improvement to your home would be, for example, if you build a swimming pool or add on a garage to your house.
-
If you already have a Homestead Exemption on file with your county appraisal district and you are 65 and older or disabled, you are currently receiving the exemption. If you do not have a Homestead Exemption on file or have questions, please contact the Cooke County Appraisal District. (940) 665-7651
UNDERSTANDING THE TAX RATE
Your property tax amount is determined by the tax rates of local taxing units combined with the appraisal value of your home.
PROPERTY TAX VS. DISTRICT TAX RATE
LOCAL TAXING UNITS INCLUDE:
City, county, school and special services such as community college, hospital, etc.
YOUR HOME APPRAISAL VALUE IS SET BY THE COUNTY APPRAISAL DISTRICT.
Valley View ISD has no authority over your home appraisal value and cannot raise or lower your appraised value.
ABOUT SCHOOL FINANCE
School district budgets are funded by two different tax rates: a Maintenance and Operations (M&O) rate which essentially funds all operating expenses, including instruction, salaries, maintaining school buildings, and student programs; and an Interest and Sinking (I&S) rate which funds bond debt.
Proceeds from a bond issue can be used for the construction and renovation of facilities, the acquisition of land and the purchase of capital items such as equipment, technology and transportation. By law, I&S funds cannot be used to pay M&O expenses, which means that voter-approved bonds cannot be used to increase teacher salaries or pay rising costs for utilities and services.
VALLEY VIEW ISD TAX RATE HISTORY
The proposed school district tax rate is lower than the total tax rate 20 years ago.
*The above dates reflect fiscal year.