What does VATRE 2024 mean to local homeowners?

As Victoria ISD continues its efforts to provide quality education and support for its staff, a critical component of funding has come into focus: the proposed tax rate, which will be put to a vote through a Voter-Approval Tax Rate Election (VATRE). If passed, this VATRE would generate approximately $7 million in additional annual funding, directly contributing to the 2024-25 Compensation Plan, Version Two. This plan is crucial for addressing the longstanding issue of staff compensation, which has lagged behind market rates for several years.

The Proposed Tax Rate: What You Need to Know During the August Regular Monthly Board Meeting, the VISD Board of Trustees approved a proposed tax rate of $0.8935 per $100 of taxable value. This rate is 9 cents higher than the maximum allowable tax rate, necessitating the VATRE.

If the VATRE is approved by voters, property owners will see an additional 9 cents per $100 of taxable home value added to their property tax bill. However, it’s important to note the impact of the newly implemented homestead exemption, which allows for the first $100,000 of your home’s value to be tax-free. For a homeowner with a $300,000 home, the new tax rate would mean an increase of approximately $180 per year in property taxes after applying for the $100,000 homestead exemption.

This additional funding is intended to address the district’s compensation challenges, ensuring that VISD can attract and retain high-quality staff. For property owners aged 65 .