At the Sept. 28 Dripping Springs Board of Trustees meeting, the board approved a property tax rate that represents an 8.5-cent decrease from the 2019-20 rate. The new rate is $1.3332 ($0.9832 Maintenance & Operations/0.35 Interest & Sinking) per $100 of certified property value. This compression of the Maintenance & Operations rate is a result of House Bill 3 that was adopted in the spring of 2019.
This marks the second consecutive year that Dripping Springs ISD has decreased its tax rate. DSISD’s 2019-20 tax rate of $1.4183 was a reduction of more than 10 cents from the 2018-19 rate of $1.52. Over a two-year period, DSISD’s property tax rate will decrease 12.3 percent.
Property tax bills are a product of the tax rate and property value.
Other agenda items that were approved included the District Improvement Plan, Board Operating Procedures, and Policy Update 115. In addition, a summary report was provided on the recent refunding (refinancing) of three existing bond series that will result in more than $18 million in savings.