VC approves tax rate
By BY KAYLA BELL - KBELL@VICAD.COM
Sept. 6, 2011 at 4:06 a.m.
The Victoria College Board of Trustees adopted in a special meeting Tuesday its property tax rate of 16.06 cents per $100 of valuation.
This rate is up from the current rate of 15.3 cents and is aided by an increase in property values.
VC had been dealt about $1.8 million in funding cuts from the state this year, which it balanced with increased student tuition, increased enrollment and cutbacks on spending. The college also added in a 2 percent salary increase.
VC's tax rate is expected to provide about $8.2 million to its $28.7 million operating budget.
If the board had not raised the rate, the 2011-12 budget would have been short $352,141.
Taxes for maintenance and operations on a $100,000 home will increase about $8.
Since the college's tax rate is above the effective tax rate - or the rate that would raise the same amount of money as last year - the board was required to hold two public hearings on proposed rate. During those hearings, only one person showed up to discuss the tax rate with the board.