Posted 11:05 pm Thursday, August 09, 2012
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Proposed tax rate up slightly
Tyler Junior College taxpayers can expect to see a higher tax rate this year after voters approved a $25 million bond package in May.
The college is proposing a tax rate of 19.99 cents per $100 valuation, which reflects about a 1.75-cent increase related to the bond package.
The proposed rate is exactly 2 cents higher than the effective tax rate, which is the rate that would generate the same revenue as last year.
The proposed rate is almost 1 cent below the rollback rate — the level at which voters can demand a referendum on a tax increase.
Higher property values should generate a $2.1 million increase in tax revenue, with estimates putting that at $20.8 million for this year. That’s about a 2 percent increase over last year’s tax revenue.
Chief financial officer Sarah Van Cleef said some of those additional monies will go toward the college’s preservation fund to help maintain facilities, with another part going toward the operating budget.
The college is proposing a tax rate of 19.99 cents per $100 valuation, which reflects about a 1.75-cent increase related to the bond package.
The proposed rate is exactly 2 cents higher than the effective tax rate, which is the rate that would generate the same revenue as last year.
The proposed rate is almost 1 cent below the rollback rate — the level at which voters can demand a referendum on a tax increase.
Higher property values should generate a $2.1 million increase in tax revenue, with estimates putting that at $20.8 million for this year. That’s about a 2 percent increase over last year’s tax revenue.
Chief financial officer Sarah Van Cleef said some of those additional monies will go toward the college’s preservation fund to help maintain facilities, with another part going toward the operating budget.
TJC President Dr. Mike Metke said he was glad to see the property values increase, especially because he and the board have made a commitment not to raise taxes in the foreseeable future, with the exception of those related to the bond issue.
The college has yet to finalize its budget proposal at this time, Ms. Van Cleef said. However, she said they are targeting a relatively flat budget compared to this year’s, which was $74.4 million when adopted. The college is not expected to award raises this year.
The college will have the first of two public tax hearings at 11 a.m. today in the White Administrative Services Center Board Room on the main campus, 1400 E. Fifth St.
Another tax hearing will be held at 5:30 p.m. Aug. 16 in the same room.
The college has yet to finalize its budget proposal at this time, Ms. Van Cleef said. However, she said they are targeting a relatively flat budget compared to this year’s, which was $74.4 million when adopted. The college is not expected to award raises this year.
The college will have the first of two public tax hearings at 11 a.m. today in the White Administrative Services Center Board Room on the main campus, 1400 E. Fifth St.
Another tax hearing will be held at 5:30 p.m. Aug. 16 in the same room.
