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  2. Estimated Impact

Estimated Impact

Prop A = $23.84 per month for the average home $222,809

Prop B = $8.15 per month for the average home $222,809

Total  = $31.99 per month for the average home $222.809

The average residential home value in MVISD is $222,809

 

Why do school districts hold bond elections? 

Homeowners borrow money in the form of a mortgage to finance the purchase of a home. A school district borrows money in the form of bonds to finance new schools and renovation projects. Both are repaid over time, but in order for a school district to sell bonds (borrow money) it must go to the voters for approval. By law, bond funds may not be used to fund daily operating expenses or salaries. Bond funds may only be used for the projects described.

 

  • Ballot language will include the statement "THIS IS A PROPERTY TAX INCREASE." Legislation passed in the 2019 Texas Legislative Session requires that school districts include this language, regardless of the bond's impact on the district’s tax rate.

  • Current homeowners ages 65 and over will not be impacted by the passage of this bond. Their school taxes will not go above the frozen levy amount/ceiling established when the Over-65 exemption was granted (unless improvements or additions are made to the residence). To have your school taxes frozen, you must file a homestead application with the appropriate appraisal district and be granted the Over-65 exemption. 

 

  • Among peer districts in the area, MVISD ranks in the top 25% lowest combined tax rate.

 

  • The overall tax rate for Mount Vernon ISD is lower today than it has been at any point in the last 14 years. 

  • The District has a record of actively managing its outstanding debt to achieve savings for taxpayers. In 2017 MVISD refinanced its 2009 bond resulting in savings of almost $1.4 million. Approximately 96% of outstanding voted bond debt service (principal and interest) will be repaid within the next 10 years – well above the state average.

  • Delaying implementation of the bond program exposes the District to escalating construction costs, which are expected to increase the total cost of the proposed bond projects by an additional estimate of 20%  or $12 million annually.