|2018 to 2019 Tax Comparison |
| ||2018 ||2019 |
| Average Market Value of Home ||$422,785 ||$429,499 |
| Average Taxable Value of Home ||$397,785 ||$404,499 |
| Tax Rate || $1.44 ||$1.3383 |
| Taxes on Average Home ||$5,728.10 ||$5,413.41 |
| Tax Impact || ||-$314.69 |
Property owners in Frisco ISD will see more than a 10-cent decrease in the school district’s tax rate in 2019, saving the owner of the average home $315 compared to last year.
The tax savings come even as the average taxable value of a home in FISD increases from $397,785 to $404,499, after factoring in the homestead exemption. Total taxable values across the District, from both new and existing property, increased 7.8% over last year.
The combined tax rate in 2019 will be $1.3383 per $100 valuation, down from $1.44 in 2018 and $1.46 from 2012-17. See detailed tax rate history.
The state-mandated tax compression is part of House Bill 3, the comprehensive school finance reform bill passed by the Texas Legislature this spring. Beginning in 2020, HB 3 also includes a 2.5% cap on year-to-year local revenue growth. This means that Frisco ISD’s tax rate will drop as property values rise so that revenue from local property taxes does not grow more than 2.5% each year.
To offset the loss of local revenue due to a lower tax rate, the state is increasing its share of total funding and reducing its reliance on recapture or Robin Hood. As a result, HB 3 increases operational funding for FISD at an ultimate savings to local taxpayers.
FISD was in a better position to benefit financially from HB 3 thanks to voter support of a Tax Ratification Election (TRE) in November 2018. That election increased the tax rate for day-to-day operations, while also decreasing the tax rate that pays off debt.
The approved 2019-20 budget invests in priorities from both the TRE and HB 3 including:
Lower class sizes K-12
3% or higher raise for staff
Increased employer-paid medical contributions
Future expansion of Pre-Kindergarten
Expansion of online learning
Additional campus and central support
Additional support for special education
Additional support for bilingual programs
Read more about the 2019-20 budget.