- On this page:
- 1998 School Property Taxes: Who Paid and How Much?
- Rylander Reports: TexPool Hits $11.1 Billion in Invested Funds
- Comptroller Schedules Seminars on Truth-in-Taxation, New Laws
- On Page 2:
- Texas Attorney General Rules onProperty Tax and Open Records
- Comptroller Begins Work on 1999 Property Value Study
- Companies May Request State Tax Refunds for 1998 School Taxes
- School Districts Ask About PVS Audits
1998 School Property Taxes: Who Paid and How Much?
In 1998, Texas school taxes increased more than 8 percent to reach $11.3 billion, as reported to the Comptroller's Property Tax Division by 1,036 independent school districts (ISDs). Who paid these school taxes and what was the percentage of tax burden?
Texas businesses paid more than 48 percent of all 1998 local school taxes -- almost $5.5 billion. Business properties paid about $360 million more in 1998 school taxes than in 1997. Of all business properties, only oil and gas properties experienced a tax decrease at more than $17 million.
Owners of single-family homes paid more than 38 percent of local school taxes and saw their 1998 school property taxes grow by $407 million. All residential properties -- single-family homes, multifamily units and residential inventory -- saw the school tax share increase almost $470 million -- to a total of $4.9 billion, or about 43 percent of local school taxes.
Texas has vast acres of raw land. This property type (including vacant lots, rural acreage and farm and ranch improvements) generated less than 8 percent of local school taxes with about $852 million, a $62-million increase from 1997.
Texas properties are grouped into 14 categories and then grouped into four main property types: residential, business, acreage/lots/farm and ranch improvements, and other personal property. The fourth type -- other personal including privately-owned vehicles in school districts where they are taxed -- represented about one-half of 1 percent of total school taxes at almost $63 million.
The chart below compares the school tax burden from 1997 to 1998 on the different categories of property.
1997 and 1998 School Tax Comparison
Property Category 1997 School Taxes (Millions) Percent of Total 1998 School Taxes (Millions) Percent of Total $ Change 1997 to 1998 Residential Properties Single-Family Homes $3,910.81 37.62 $4,318.17 38.23 $407.36 Multi-Family Residential 512.44 4.93 571.83 5.06 59.39 Residential Inventory 18.42 0.18 21.22 0.19 2.80 Subtotal, Residential $4,441.67 42.73 $4,911.22 43.48 $469.55 Acreage/Lots Vacant Lots $299.43 2.88 $317.78 2.81 $18.35 Acreage 319.72 3.07 345.91 3.06 26.19 Farm/Ranch Improvements 170.24 1.64 187.96 1.66 17.72 Subtotal, Acreage/Lots $789.39 7.59 $851.65 7.53 $62.26 Business Properties Commercial Real Estate $1,619.46 15.58 $1,844.34 16.33 $224.88 Commerical Personal 997.04 9.59 1,054.29 9.33 57.25 Industrial Real Estate 753.22 7.25 800.08 7.08 46.86 Industrial Personal 563.32 5.44 603.79 5.35 38.47 Oil & Gas 512.38 4.93 494.81 4.38 (17.57) Utilities 663.05 6.38 672.61 5.96 9.56 Subtotal, Business Properties $5,110.47 49.17 $5,469.92 48.43 $359.45 Other Personal Property Vehicles $ 2.21 0.02 $ 3.46 0.03 $ 1.25 Other Personal 50.76 0.49 59.15 0.52 8.39 Subtotal, Other Personal $52.97 0.51 $62.61 0.52 $9.64
Total $10,394.50 100.00 $11,295.40 99.99 $900.90
1997 and 1998 ISD tax amounts updated for corrected reports.
1998 tax amount includes estimated tax amount for New Braunfels ISD, based on 1997 tax amount, because New Braunfels ISD follows different tax rate adoption and tax billing dates, as provided by Tax Code Section 26.135.
Figures reported to the Comptroller by independent school districts.
Source: Comptroller's Property Tax Division
TexPool Hits $11.1 Billion in Invested Funds
The Texas Local Government Investment Pool, commonly called TexPool, hit its highest balance on February 10 at $11.1 billion in invested funds. TexPool offers local governments a safe, efficient, and liquid investment option for local dollars. More than 1,400 members invest in TexPool, including cities, counties, school districts, and special purpose districts.
Safety of our public funds is extremely important to me. I am proud that local governments' confidence in TexPool continues to grow. TexPool gains an average of 10 to 15 new members each month. The fund is currently 40 percent larger than it was at the same time last year.
By pooling dollars, local governments can earn a higher return on their investment. Last year, TexPool returned $393.5 million in interest to local governments. Chase Bank of Texas and First Southwest Asset Management, Inc. of Dallas have provided the financial management expertise to the Comptroller's Office since 1997.
Join the other taxing units in safeguarding local tax dollars and watching those investments grow for the benefit of local taxpayers.
CAROLE KEETON RYLANDER
Texas Comptroller of Public Accounts
For more information about TexPool and how to enroll, contact the financial managers at 1-888-839-7665 or, in Dallas, call 214/953-4064. You can access the internet site at TexPool.
During late July and August, the Comptroller's Property Tax Division (PTD) will conduct 19 regional seminars to explain the laws that taxing units must follow when adopting their 1999 property tax rates. The PTD staff also will review new property tax legislation passed by the 76th Legislature during the recent legislative session.
In the seminars' morning session, PTD staff will explain how to calculate the effective and rollback tax rates, what to publish, and when to call a tax rate rollback election. The seminars' afternoon session will address new property tax laws. These seminars will be of interest to elected and appointed officials, tax assessor-collectors, business officers, chief appraisers, and taxpayers.
Individuals may receive continuing education units (CEUs) from the Board of Tax Professional Examiners (BTPE), the Board of Certified Public Accountants, and the Texas Department of Licensing and Regulation. School board members may receive CEU credit toward their standards for duties of school board members.
The regional seminars are free of charge, and pre-registration is not required. Each seminar begins at 9 a.m. and ends about 4 p.m.
The Comptroller thanks local officials in these regions for their help with meeting room space. For any questions about the seminars or locations, call the PTD's Technical Assistance hotline at 1-800-252-9121, extension 1. In Austin, call 305-9999.