Voters in Richardson Independent School District are being asked to approve a $1.4 billion bond package on the November 4 ballot.
But with interest, the district estimates the total cost to local property taxpayers would be $2.32 billion—66 percent more than the amount voters will see on the ballot.
The bonds are divided into three ballot propositions:
PROPOSITION A: $1.33 billion ($2.24 billion with interest) to be spent primarily on school buildings.
Proposed projects include a new Career and Technical Education (CTE) Center and six new or renovated junior high buildings as part of the district’s Middle School Transformation project. Earlier this year, trustees voted to consolidate five elementary schools due to declining enrollment.
The borrowed money would also be spent on new buses; instructional materials and equipment; and a variety of athletic projects, equipment, and uniforms.
PROPOSITION B: $54 million ($61.7 million with interest) for computers and technology.
PROPOSITION C: $7.4 million ($8.6 million with interest) to spend on football stadium upgrades.
All of the bond principal and interest must be repaid with local property taxes.
Texas law requires school districts to inform voters about the tax impact of bonds by stating at the top of each ballot proposition: “THIS IS A PROPERTY TAX INCREASE.”
Each proposition also informs voters that they are approving “the levying of a tax sufficient, without limit as to rate or amount, to pay the principal of and interest on the bonds and to pay the costs of any credit agreements executed or authorized in anticipation of, in relation to or in connection with the bonds.”
How much property tax will be “sufficient” to repay the debt? School district trustees decide that each year based on the cost to pay back borrowed bond money, which is impacted by interest rates.
The district’s Voter Information Documents, also required by state law, show that the estimated interest on the three bonds would cost taxpayers an additional $920 million. Thus, regardless of the tax rate in any given year, the bonds would increase the total property tax burden by $2.32 billion.
District officials estimate that approval of the bonds would result in a 4-cent increase in the interest and sinking (I&S) tax rate, which is used to repay debt.
A home with the average market value of $500,000 would see an annual tax increase of about $124.
Richardson ISD property taxpayers are already on the hook for $1.45 billion in outstanding bond debt principal and interest.
A final information session on the district’s 2025 bond proposal will be held at Westwood Junior High on Thursday, October 16, at 6:30 p.m.
Election Day is Tuesday, November 4. Early voting runs October 20-31.
