Dumas ISD has a proven track record of sound financial management and has maintained the same rate for the past nine years. The district has one of the lowest tax rates across the State. It has been 11 years since the last bond program in 2008 that was completed on time and on budget.
If voters approve the proposed bond package, the estimated financial impact is anticipated to be $0.34 for a total tax rate of $1.4179 – M&O tax rate of $0.97 + I&S tax rate of $0.4479. For the average Dumas ISD home valued at $94,000, this represents an increase of $27.00 per month.
Property taxes for citizens 65 years or older who have filed the “Over 65 Homestead Exemption” will not increase because of the bond proposal. Under the “Over 65 Homestead Exemption” taxes are frozen at the dollar amount of the year the individual turned 65 and regardless of future tax rate increases, the tax levy for the 65-year-old can never escalate beyond the ceiling dollar amount. If decreases in property value, tax rate declines, or change in exemptions cause the tax levy to fall below the ceiling amount, the over 65 taxpayers will pay the lower tax bill.