The Madisonville CISD board voted to pass an order Monday to introduce a Tax Ratification Election to restructure their taxes, which is to be held on August 30.
If passed, the TRE would not mean an increase in local taxes. Instead, MCISD would simply raise the M&O taxes while decreasing I&S by the same amount, leaving the tax rate at exactly what it would have been regardless. On the flip side of that, MCISD would be eligible for a significantly higher amount of funding from the state that could make a world of difference.
The M&O balance would be 1.17 with the I&S at 0.0487, totaling the same tax rate as last year.
The possibility of a TRE was first officially discussed on July 9 at the monthly school board meeting. Monday’s meeting was a chance for the public to attend and ask questions regarding the specifics of the situation.
A similar election was held by North Zulch ISD just last week and it passed with a final count of 68 votes for and 20 against. North Zulch was actually able to lower their tax rate with the passage and will receive more funding from the state to make improvements to their campus.
A passage of the TRE for Madisonville would mean the tax rate stays exactly the same as it was last year. It will be held on August 30 from 7 a.m. to 7 p.m. with early voting scheduled from August 13 until 24 from 7:30 a.m. to 4 p.m.