Since 2012, SMCISD has been able to Refinance over $192.6 Million and save over an estimated $20.9 Million by lowering the interest rate on existing voter approved I&S Bond Debt. Also, during this time the District has been able to Cash Defease with available funds an estimated $14.6 Million of outstanding Bond Debt and save the District an estimated $4.8 Million by paying off existing voter approved I&S Bond Debt early.
If the 2023 Bond passes, the total tax rate is estimated to see a maximum increase of one cent. The one-cent increase will differ depending on the value of your home. For example, the average home in San Marcos is $350,000. The chart below reflects what the one-cent increase would look like, annually and monthly.
Annual Increase = $31.00
Monthly Increase = $2.58
The annual/monthly increase includes the $40K Homestead exemption. Homeowners who are 65 years of age or older and homeowners that are disabled will not see an increase in school taxes on their homestead (at age 65 or upon occurrence of the disability), including taxes to pay for the 2023 Bonds, as long as they have filed for their homestead exemption and the value of their home at the time the exception is granted does not increase in value. Texas law provides for the freezing of the total ad valorem taxes imposed on homes of persons 65 years of age or older or disabled persons for general elementary and secondary school purposes.