Commerce – The Commerce Independent School District could settle a lawsuit soon that could bring in an additional $110,000 for the district. The Commerce Journal reports the settlement stems from a 2003 lawsuit involving the disparity between state and local property values. Local appraisals placed property values with the district at about $310 million, while state values were over $325 million. The pending settlement will likely set the property values at $321 million. That would mean about $110,000 in additional funding for the district.
Under the Robin Hood school financing plan, school districts receive financing based on the property values of the area. The state can assign values to the area, but local districts can collect tax revenue based on local appraisals.
There was disparity again in 2004 for the Commerce school district, but no lawsuit was filed. Commerce ISD will learn of the 2005 property value study in the next few months.