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A BILL TO BE ENTITLED
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AN ACT
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relating to the use of current year property values under the public |
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school finance system. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 41.004(a), Education Code, is amended to |
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read as follows: |
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(a) Not later than July 15 of each year, using the estimates |
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[estimate] of enrollment and taxable property value under Section |
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42.254, the commissioner shall review the wealth per student of |
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school districts in the state and shall notify: |
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(1) each district with wealth per student exceeding |
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the equalized wealth level; |
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(2) each district to which the commissioner proposes |
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to annex property detached from a district notified under |
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Subdivision (1), if necessary, under Subchapter G; and |
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(3) each district to which the commissioner proposes |
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to consolidate a district notified under Subdivision (1), if |
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necessary, under Subchapter H. |
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SECTION 2. Section 42.252(a), Education Code, is amended to |
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read as follows: |
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(a) Each school district's share of the Foundation School |
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Program is determined by the following formula: |
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LFA = TR X DPV |
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where: |
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"LFA" is the school district's local share; |
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"TR" is a tax rate which for each hundred dollars of valuation |
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is an effective tax rate of the amount equal to the product of the |
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state compression percentage, as determined under Section 42.2516, |
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multiplied by the lesser of: |
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(1) $1.50; or |
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(2) the maintenance and operations tax rate adopted by |
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the district for the 2005 tax year; and |
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"DPV" is the taxable value of property in the school district |
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for the current [preceding] tax year determined under Subchapter M, |
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Chapter 403, Government Code. |
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SECTION 3. This Act takes effect September 1, 2019. |