Savings are making their way to property owners within Harlingen CISD boundaries. The HCISD Board of Trustees voted to lower the property tax rate by 4.4 cents this year. As a result, the district’s tax rate will be reduced from $1.2164 to $1.1723 per $100 of taxable property value.
Last year, the property tax rate was reduced by 10 cents. This reduction provided the tax relief intended by the state’s school finance bill, House Bill 3, signed into law by Governor Greg Abbott in 2019.
“This year, we are happy to bring forth another reduction to our tax rate,” Chief Financial Officer Julio Cavazos said. “Over a two-year period that is about a 14.5 cent reduction, and this is all due to the compression of our tax rate through House Bill 3. Property value increases allowed us to compress our tax rate a little bit more.”
Reducing the tax rate provides a revenue neutral for the district as the state subsidizes the difference with state revenue.
“Providing tax relief to our community without the loss of revenue to our district requires careful planning,” said Superintendent Dr. Art Cavazos. “I want to thank the Trustees and our Chief Financial Officer, Julio Cavazos, for their continued dedication to being fiscally responsible.”
Refunding of bonds has also allowed the school district to save about $12.2 million over the course of 20 years.
“The Board realizes the impact that COVID-19 has had on many of our HCISD families,” Board President Eladio Jaimez said. “I’m thankful to the HCISD staff for their continued fiscal responsibility and for providing tax relief during this pandemic.”
Property owners can expect to see these savings on their next tax bill.