On Aug. 29, 2016 the MISD Board of Trustees adopted a tax rate of $1.33 per $100 valuation for the 2016-2017 school year. The tax rate can be broken down into two separate rates:
• Maintenance & Operations rate - $1.04
• Interest & Sinking rate - $0.29
The rates are also commonly referred to as M&O and I&S. Although the rates are combined to arrive at the total tax rate, the rates are set for very specific and different purposes.
The M&O portion of the rate is set to provide funds for the maintenance and operations costs of the district. Maintenance and operations costs include things such as:
• Compensation and wages paid to employees
• Supplies and materials needed in every functional area of the district
• Maintenance and repairs to facilities, equipment,vehicles and any other property owned by the district
• Payments for utilities such as electricity and water
• School buses and fuel to transport students
• Technology and computers used by staff and students throughout the district
• Library books
The I&S portion of the tax rate provides funds for principal and interest payments made on the debt that financed the District's facilities.
For more information on these specific tax rates, please contact the Department of Business and Financial Services at 903-927-8708.