The Port Arthur News
The Port Neches-Groves Independent School District board of trustees voted to approve an increase in the district’s tax rate at a meeting this week.
The maintenance and operation rate will remain at last year’s value of $1.04, business manager Cheryl Hernandez said. However, the proposed interest and sinking (I&S) rate is set to increase from last year’s value of .34807 to .394. This is a result of a decrease in the value of the district’s taxable properties and a need for the district to pay off the debt left by bonds for new schools.
“The values decreased, so to be able to pay the debt that is due for this next year, we had to increase the rate,” Hernandez said.
Last year’s overall tax rate was 1.38807, Hernandez said. This year, the rate will be 1.434 — an increase of .04593. Hernandez said the increase for a homeowner with an average market value of $125,317 amounted to $43.75.
The district will send notices to residents at the end of October, Hernandez said, with the increased tax rate effective by Jan. 31, 2014, when taxes are due.