State comptroller: Bastrop property valuations too low
Smithville schools face losing $600,000 if an appeal by county fails.
The Texas comptroller’s office has failed theBastrop County appraisal district’s value process, as its property valuations came in under the state-required threshold, putting state funding for local schools in jeopardy.
State law requires that the district appraise properties at 95 percent of market value, or the state reduces its funding to local school districts.
Bastrop, Elgin and Smithville were determined to be under the 95 percent threshold, with Bastrop property valuations set at 90 percent, Smithville at 93 percent and Elgin at 93.7 percent for 2016.
The Bastrop County appraisal district is challenging the state figure in an appeal process expected to last through the spring. If the county’s appealisn’t successful, the Smithville school district will lose about $600,000 in state funding, Smithville school Superintendent Rock McNulty said.
The Bastrop and Elgin school districts won’t be immediately financially affected as a one-year grace period is given to districts to get back in compliance with the 95 percent threshold. But Smith-