TYLER, Texas – The Tyler Independent School District (ISD) Board of Trustees unanimously approved its $232.8 million budget for the 2024-2025 fiscal year on Monday, June 17, marking a significant step towards providing property tax relief for residents. The approved budget includes a proposed maintenance and operations (M&O) tax rate that is the lowest in at least 30 years.
The proposed M&O tax rate is set to decrease to $0.7065 per $100 valuation, down from the current $0.7289. When combined with the interest and sinking (I&S) rate of $0.2980, the total proposed tax rate for Tyler ISD will be $1.0045 per $100 valuation. This reduction is projected to save property owners in the Tyler area approximately $44.80 annually on a home valued at $200,000.
Several factors contributed to the district's ability to propose a lower tax rate while maintaining a robust budget. Tyler ISD reported an 11% increase in taxable property value across the district, coupled with an additional $5.8 million in state aid. District officials also attributed the fiscal flexibility to conservative budgeting practices.
The $232.8 million budget is designed to support core educational priorities and ongoing initiatives. It allocates funds for competitive compensation for staff, including teacher salary increases for the 2024-2025 school year that were initially approved in March. Additionally, the budget supports various student programs, enhances safety and security measures across campuses, and continues funding for the new high school project located at the former Texas College site, a cornerstone initiative from the 2022 Bond approved by voters.
While the budget has been approved, the proposed tax rate is not yet final. The district will formally set the tax rate later this summer, following public hearings scheduled for August. The final adoption of the tax rate typically occurs in September.
Residents can find more information about the budget and district initiatives by visiting Tyler ISD's official website at www.tylerisd.org.
