SHERMAN, Tex. ― The tax rate in the Sherman Independent School District will be going up, but it's not because of the recent rollback election.
This is the third year in a row that the tax rate will increase, but the seven-cent hike has been planned since 2005.
Sherman school officials tell us the increase has nothing to do with the recent rollback election. It stems from the 2005 bond election providing $77 million dollars to the district for construction.
The first year, the tax rate increased by eight cents, last year it went up seven cents, and this year will be the final seven cent increase, totaling just 22 cents, eight cents less than originally planned, and still lower than before that bond election.
"The tax rate of $1.44 will still be much lower than the tax rate was three years ago before the 2005 bond issue. At that time our tax rate was $1.68," assistant superintendent of finance Bruce Barnett says.
School officials say this is the last tax rate increase related to that bond issue.
In other district news, for the sixth year in a row, Sherman Independent School District received a superior rating from the state. Twenty-four areas are considered by the state, including dollars spent per student, and district debt.