Katy ISD
Bonds for school projects are very similar to a mortgage on a home. To finance construction projects, the district sells bonds to investors who will be paid principal and interest. Payout is limited by law to 40 years. Current projections show bonds from this authorization to be paid off anywhere between 6 and 30 years, depending on the useful life of the asset being paid for by the bonds.
This 2010 bond package is comprised of several projects and includes funding for items such as the construction of three elementary, one junior high and one high school; comprehensive renovations at five of the district’s oldest campuses including Katy, Taylor, and Mayde Creek High Schools, as well as West Memorial and Mayde Creek Junior High Schools; and more than 50 component replacement projects at several campuses.
What does it cost?
The following is a breakdown of the 2010 bond package:
| New Facilities | $282,127,231 |
| Existing Facilities | $119,476,341 |
| Technology | $35,400,245 |
| Additional Items | $22,787,275 |
| Total Package | $459,791,092 |
What are the costs based on?
Market conditions, economic conditions, and project planning/scheduling are a few of the factors that influence construction costs. When reviewing national, regional, & local construction costs for new facilities, Katy ISD has outperformed the market for elementary, junior high and senior high schools. After extensive scope analysis using internal district expertise along with its consultant firm, the district validates its project cost model using two outside independent firms (click here to read the letters from these firms).
How does it affect my taxes?
It is projected that taxes will increase from the current $.40 rate to $.41 in September 2011 and then to $.44 in September 2012. For a homeowner, every $.01 increase in the tax rate equals a $10 per year increase for every $100,000 in taxable value.
Example:
| Average Market Value | $198,271.00* |
| Less Homestead Exemption | ($15,000.00) |
| Equals Average Taxable Value | $183,271.00 |
| $.01 increase in tax rate = | $18.33 |
*Average value of a house located in Katy ISD.
There is no tax increase for those 65 or older. The state freezes these taxes on resident homesteads the year a taxpayer turns 65, as long as the homeowner remains in the same residence and does not make major improvements.
