• POTENTIAL TAX IMPACT 
    (updated Feb. 11, 2022)

    Ellis County Homestead and Age 65+ Exemption Form

    Tax rate

    • Red Oak ISD’s current I&S tax rate is $0.3653
    • Potential increase of I&S if all passed  $0.0410
    • New I&S Tax Rate  $0.4063

    Current Combined Tax Rate

    • I&S $0.3653
    • M&O $0.9603
    • Current Total Tax Rate $1.3256

    If the bond is approved by the community voters

    • New I&S Tax Rate $0.4063
    • M&O $0.9429 (reduction projected by the state as of Feb. 3, 2022)
    • Total Potential Tax Rate $1.3492

    A net tax rate increase of $0.236

    TAX IMPACT EXAMPLE

    • CAD Appraised Value: $300,000
    • - State Homestead Exemption ($40,000)
    • = Net Taxable Value: $260,000 

    Bond approval of all propositions = $1.18 monthly for a $100,000 home; $61.36 a year on a $300,000 home

    Tax Impact scenarios

    Gross Taxable

    Home Value*

    Projected Monthly Increase

    Projected Annual Increase

    $100,00

    $1.18

    $14.16

    $150,000

    $2.16

    $25.96

    $200,000

    $3.15

    $37.76

    $250,000

    $4.13

    $49.56

    $300,000

    $5.11

    $61.36

    *Tax increase includes the anticipated $40,000 Homestead State Exemption. (A $100,000 house will be taxed on the $60,000 value after the exemption.)

    NO TAX IMPACT

    The dollar amount of school taxes imposed on the residence homestead of a person 65 years of age or older cannot be increased above the amount paid in the first year after the person turned 65, regardless of changes in tax rate or property value unless significant improvements are made to the home.

    If you are 65 or older, you must file a homestead application at your appraisal district to receive the exemption.