Bond Election 2021 » Basics of the Bond

Basics of the Bond

basics of the bond

Seminole ISD School Board Calls for

$25 MILLION BOND ELECTION

Early Voting is April 19 - April 27 at the SISD Administration Building.
objective
1. To adequately fund existing expenses in such a way that less revenue is sent away to the State in Recapture and more is kept for Seminole ISD students. This bond will save $6.25 million in recapture, had it raised the same amount with the M&O tax rate.

2. Offset lost revenue projected to be over $5.7 million per year as a result of a 5-year phase-out of Transition Grants from the State.

 

How will the bond impact the current tax rate?

This year, Seminole ISD will pay off the previous bond 10 years early with savings of over $30 million to taxpayers. This will allow the current I&S rate of $.26 to be reduced by $.13; even with the passage of both propositions. This year’s total tax rate of $1.226 will drop to $1.096 next year.
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Fast Facts

  • SISD will pay off the previous bond 10 years early with savings of over $30 million. This will allow the tax rate to drop $0.13 cents even with the passage of this bond.
  • The tax implication for a home valued at $200k would be a $230 decrease compared to the previous tax year.
  • Seminole ISD's commitment to technology integration ensures a 1:1 device ratio at all grade levels.
  • Every dollar generated by the bond will stay in Seminole with NO recapture.
  • Seminole ISD has paid over $381 million in recapture to the state since 1993. It is projected to be $6.3 million this year.
  • On average, 25% of SISD M&O tax revenue will be recaptured by the State.
  • Taxpayers that are 65 and over will not have their taxes go above the frozen amount that was established when the Over-65 exemption was granted.
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vote by may 1

Community Information Meeting

Thursday, April 22 at 6:00 PM

Auxiliary MPR 
{Old Jr. High Library}