ECTOR COUNTY, Texas — The tax rate for Ector County ISD has decreased, with the board of trustees making that official at Tuesday night's board meeting.
According to ECISD, the tax adjustments from last year to this year will save the average homeowner just over $500 on property taxes.
As the school district continues its efforts to save taxpayers money, it has its eyes on the big picture.
Ector County ISD has made taxes not so taxing.
“So the state will kick in more money and our taxpayers will have more money in their pocket," said Dr. Scott Muri, superintendent of Ector County ISD.
Action at the state level made it possible for ECISD to approve a total tax rate that is 16 cents lower than last year.
"Our overall tax rating went from a $1.17 to a $1.01, and our taxpayers will see that reflected when they receive their bill," Dr. Muri said. "That's a significant tax decrease, and really we owe that to our state legislature who provided the ability for us to be able to do that and make that decision locally."
Dr. Muri says the lowered tax rate will *not* effect the upcoming bond.
“We will still be able to maintain the tax rate at $1.01 and at the same time allow us to have a no tax rate increase on the upcoming bond, and so the bond – if passed – the tax rate will remain $1.01," Dr. Muri said.
Lowering the tax rate is not the only way ECISD is helping taxpayers.
“$34.4 million will be used to pay off bonds," Dr. Muri said. "It will decrease our debt from over $100 million down to about $83 million. It will also save taxpayers within the community a little over six million dollars in interest payments.”
As ECISD pre-pays off existing debt, its stock is on the rise.
“That has also given us bond capacity," Dr. Muri said. "So, it gives us the ability as an organization to make sure that we meet the facility needs that we have as a school system. And so, it’s a win for our kids, a win for the taxpayers in Ector County and a win for the forward direction of Ector County Independent School District.”
Dr. Muri mentioned that ECISD has saved taxpayers $33 million dollars in future interest over the last several years by paying off existing bond debt early. About a quarter of the funds generated by the new tax rate will be used by the school district for bond debt payments, with the rest going towards maintenance and operation.