Trustees adopt revised 2024-25 tax rate

MISD's tax rate remains among the lowest in the region

The Board of Trustees voted 6-1 to set the tax rate of $1.0769 for the 2024-25 fiscal year. The action was taken at a special called meeting on November 18. Midlothian ISD voters did not approve the School Funding Election, or VATRE, proposal that would have added three golden pennies to the maintenance and operations (M&O) tax rate, which funds daily operations. Back in August when trustees called the election they adopted the proposed rate that included the three pennies as required by the state. That tax rate was not approved by voters, requiring the board to adopt a new rate.

The newly adopted tax rate is $0.6669 for maintenance and operations, and $0.41 for interest and sinking, which funds debt payments and reflects the three cent reduction approved by trustees last August.

Midlothian ISD's total tax rate remains one of the lowest in the region. The district also provides homeowners a 10% local homestead exemption in their taxable value that is applied before the state's $100,000 exemption. This lower tax rate translates to a significantly lower tax burden for homeowners as illustrated in the graphic below. For a home valued at $476,510 (which is the median home value in Midlothian ISD), the tax due in MISD is approximately $787 dollars less than the average school district within the comparison group.