In a press release from the office of North Hopkins Superintendent Darin Jolly, the district has announced a tax swap vote to be conducted in October, 2017. The vote will provide additional funds for school improvements while not increasing school taxes.
On Monday, July 31st, 2017, the North Hopkins ISD Board of Trustees adopted an order calling for a Tax Ratification Election (TRE) for October 6th, 2017 to generate additional funds for district operations without increasing the overall tax rate for taxpayers. Specifically, North Hopkins ISD voters will be asked to approve a 13 cent “tax swap” decreasing the Interest and Sinking (I&S) tax rate from $0.215 to $0.085 in order to increase the Maintenance and Operations (M&O) tax rate by the same rate from $1.04 to $1.17 per $100 of property value to generate additional funds for school improvement. Upon voter approval, this $0.13 “tax swap” from I&S to M&O will maximize state funding for North Hopkins ISD without any increase to the overall tax rate for local taxpayers.
North Hopkins Superintendent, Dr. Darin Jolly explains, “This TRE “tax swap” is basically a formality for our voters to approve. Our current tax rate is $1.04 on the M&O side and $0.215 on the I&S side for a total tax rate of $1.255 for every $100 of property value. Because the school district wants to raise our M&O tax rate over $1.04, the state of Texas requires voter approval, to not exceed the $1.17 maximum on the M&O tax rate. Therefore, North Hopkins ISD has opted to increase the M&O tax rate from $1.04 to $1.17 (13 cents), while equally reducing the I&S tax rate by 13 cents from $0.215 to $0.085. This equal tax “swap” from I&S to M&O is a wash for local taxpayers, while increasing state funding for the success of every student of North Hopkins ISD. Once this 13 cent swap is approved by voters, our total tax rate will remain $1.255.”
The $0.13 “tax swap” from the I&S tax rate to the M&O rate will generate an estimated, additional $250,000 per year for North Hopkins ISD to be utilized for bus and transportation upgrades, facility updates, energy efficiency, and parking lot improvements with no additional burden for taxpayers, while still providing the funds needed to meet our current bond obligation.
North Hopkins ISD taxpayers have the opportunity to approve this “tax swap” to increase funding for our amazing students, staff, and community. Each voter will influence learning and boost our North Hopkins experience by supporting this Tax Ratification Election (TRE) on October 6, 2017.”
“Our North Hopkins ISD Board of Trustees is always looking for ways to improve our great school district. The TRE allows taxpayers to approve this “tax swap” and will greatly help our school with funding for needed improvements in days ahead,” said Board President Robert McPherson.
Trustee Sherry Smiddy added, “The advantages of this TRE are obviously needed. Our kids deserve every effort we can make for their success. Additional state funding with no cost to local taxpayers is the obvious choice for our kids.”
Trustee Vicki Ferrell shared, “We need to get the positive word out that the TRE will help our students and improve our school without raising taxes.”
North Hopkins ISD Tax Election day is set for October 6, 2017, 7:00 a.m. to 7:00 p.m. at the North Hopkins ISD Administration Building, 1994 FM 71 West, Sulphur Springs, Texas 75482. Early voting for the Tax Ratification Election will begin September 19th, 2017, 8 a.m. to 2 p.m. at the North Hopkins ISD Administration Building. Please contact Sharlene Brice if you have election related questions at 903-945-2192 EXT. 8010.