The State Comptroller’s office recently released the 2013 Property Value Study Report. This report is important because is directly affects the amount of state aid that a district receives. In the 2013 Report, EISD had a total property value of $655,195,959. Deductions for 2013 totaled $118,450,561 for a total taxable value of $536,745,398. The total taxable value in 2012 was $530,950,917. So, between 2012 and 2013 EISD had a little under $6,000,000 in property value growth. This is about a 1% increase.
By far, the largest category in EISD is Single-Family Residences. In the 2013 Report, Single-Family Residences accounted for $485,467,820 of the overall value. This is 74% of the total value in the district.
The Report affects school funding because the Total Taxable Value (called the “T2” value), is used in a calculation to account for the “Local Share” of school funding. The state takes the total taxable value, multiples it by $0.86, and then divides that amount by 100. This figure is subtracted from the amount of Tier I funding that a district earns. So, as the taxable value in a district increases, the amount of state aid decreases.