WACO, Texas — On Aug. 25, Waco residents said year after year as they've watched their property values continue to climb, the property taxes they continue to pay have kept pace.
In an effort to relieve the financial pressure, the Waco Independent School District Board of Trustees unanimously voted on Aug. 24 to reduce the tax rate for 2023-2024, a change they say will save taxpayers, on average, $650.
“The cost saving opens more doors," said Daniel Kezele, who has lived in Waco for the past three years. "It could get you into the next door if you want to go into that next door, per se.”
The board voted to reduce the tax rate for the upcoming year by 21 cents, bringing the total tax rate to $1.029 per $100 valuation, down from the previous year's rate of $1.242.
"That constitutes around $50 a month," said Margaret Sprague, who has lived in Waco for the past 40 years. "Would I like to have more? Of course, but they needed to do something."
Sprague said that nearly $50 a month she'll be saving could equate to a night dining out or a payment on her house. She says the increase in valuation across the city has been inevitable.
"I paid $60,000 for my house, and that was cheap back then," Sprague said.
Waco ISD said the tax rate is calculated based on the 2023 state-certified property valuations made by the McLennan Central Appraisal District.
The school board said the district's tax base has increased by $9.1 billion over the past year.
For Kezele, he said with the current rate of inflation, any relief helps.
"You always want to save more, but I'll take what I can get," Kezele said.
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