BY EMILY GUEVARA

eguevara@tylerpaper.com

 

The bond proposal as outlined could be funded without a tax rate increase.

Tyler ISD’s current tax rate is $1.375 per $100 valuation. This rate comprises $1.04 for maintenance and operations and 33.5 cents for debt service, the latter of which supports bond payments.

TISD chief financial officer Tosha Bjork previously said if the bond proposal passes, the debt service rate would remain the same for the next two years — 2014 and 2015 — before dropping in 2016.

It would drop again in 2023 and periodically in the years after that, assuming the district does not take on additional debt or that property tax values do not decline, Ms. Bjork previously said.

If the bond passes, the average TISD homeowner would see a 2013 tax bill of about $1,693 for a home valued at $138,162.

The tax bill would be almost $1,169 for a $100,000 home. Both calculations include a $15,000 homestead exemption.

Ms. Bjork has said that even without a tax rate increase, if a person’s home value increases, they likely would see an increase in their taxes.

If voters reject the bond proposal, the district would drop the tax rate, which would be reflected on resident’s 2013 tax bill.

The exact decrease is unknown at this time because it would be based on property values and the district’s desire to pay off some of its remaining debt, Ms. Bjork previously said.

In all, TISD has about $175 million in remaining debt from the 2004 and 2008 bonds. There is an additional almost $92 million in future interest payments, Ms. Bjork has said.

The total payback for the current bond proposal would be an estimated $248.4 million, likely over 30 years, Ms. Bjork previously said.

This number includes $160.5 million in principal and an estimated $87.9 million in interest.

This assumes a 3.27 percent interest rate, Ms. Bjork previously said.