PRINCETON ISD FINANCIAL SNAPSHOT
HAS REDUCED THE OVERALL TAX RATE BY $0.1771 IN THE LAST FOUR YEARS, DROPPING THE TOTAL TAX RATE OF $1.62 IN 2018 TO ITS CURRENT $1.4429
PISD's taxpayers have two different tax rates that contribute to PISD's overall budget.
The interest and sinking (I&S) tax rate is used to repay bond debt, while the maintenance and operations (M&O) tax rate is used to pay for all operating expenses, including salaries and benefits, utilities, transportation, maintaining school buildings and student programs.
Maintenance and Operation (M&O): $0.9429
Interest and Sinking (I&S): $0.50
(Per $100 valuation)
Understanding Maintenance and Operations (M&O) and Interest and Sinking (I&S)
For the average person, this is similar to basic home repairs, putting gas in your car, routine vehicle service, cleaning supplies, groceries and utilities. Interest & Sinking (I&S) funds the principal and interest payments on bonds authorized by voters and issued by the district. For the average person, this is similar to mortgages, auto loans or home improvement loans. CANNOT be used for salaries, benefits, utilities or other day-to-day expenses.
There will be no tax rate increase associated with the 2023 bond election. This is possible because of a consistent 50-cent I&S tax rate and paying down debt.