Rockwall Independent School District Announces Largest Tax Rate Reduction in Area

Rockwall, TX (August 31, 2023) – At their recent monthly meeting, the Rockwall ISD Board of Trustees approved decreasing the combined tax rate by 19.54 cents, making it the lowest tax rate in the area. Trustees lowered the Maintenance & Operations (M&O) tax rate by 18.54 cents and decreased the Interest & Sinking (I&S) tax rate by $0.0100 for a total reduction of 19.54 cents for 2023. The 2023 total tax rate is $1.0192 compared to $1.2146 in 2022, previously the lowest tax rate in 30 years.

The Board’s action, an approximate 40% tax rate reduction in the past six years, adheres to the new state mandated compression funding on the M&O rate and sets the Tier 1 M&O at the allowable floor as determined by the state. The District lowered the I&S tax rate while managing the increased debt payments due to property value growth and recent refunding transactions approved by the Board that have reduced annual debt obligations.

Board President Amy Hilton said, “We know the financial challenges faced by our taxpayers and the importance of managing the high educational expectations of our community. This tax rate reduction is a testament to our commitment to fiscal responsibility and the efficient management of taxpayer resources while still managing student growth.”

The newly established tax rate is earmarked to fund the 2023-2024 budget with a substantial portion, approximately 86%, dedicated to the salaries of teachers and staff. In addition, the budget supports enrollment growth totaling 2,200 students in the last five years, with more projected in the future, and the construction of two Ninth-Grade Campuses, Middle School #4, middle school additions and a new Rochell Elementary School.

The breakdown of the 2023 tax rate is shown below:

Submitted press release

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